Privatisation Agency of Kosovo - Agjencia Kosovare e Privatizimit

Transcription

Privatisation
Agency of Kosovo
Annual Report
January - December 2010
Republika e Kosovës - Republika Kosovo - Republic of Kosovo
Agjencia Kosovare e Privatizimit - Kosovska Agencija za Privatizaciju - Privatisation Agency of Kosovo
ANNUAL REPORT
2010
ANNUAL REPORT OF PRIVATISATION AGENCY OF KOSOVO
FOR THE PARLIAMENT OF REPUBLIC OF KOSOVO
2
ANNUAL REPORT 2010
ANNUAL REPORT 2010
3
CHAIRMAN’S STATEMENT
Honourable Mr President,
Honourable members of the Assembly of Republic of Kosovo,
I have the pleasure that on behalf of the Bord of Directors inform you regarding the activities, achievements and challenges
of Privatisation Agency of Kosovo during 2010.
Privatisation Agency of Kosovo was founded by the Law on Privatisation Agency of Kosovo (Law No. 03/L-067) that stepped
into force on June 15, 2008 (herein “Law”). This law sets out respective provisions of Comprehensive Proposal for Kosovo
Status of dated March 26, 2007 (Appendix VII, Article 2) which is part of the Constitution of Republic of Kosovo (Article 145
of the Constitution of Republic of Kosovo).
Privatisation Agency of Kosovo as an independent public body carries out its functions and responsibilities in full autonomy.
The Agency possesses full juridical personality and in particular the capacity to enter into contracts, acquire, hold and
dispose of property and all competencies in order to carry out duties and powers conferred upon it by the present law; to
sue and be sued on its own name.
Bord of Directors hereby presents Annual Report of Privatisation Agency of Kosovo (PAK) for calendar year of 2010 as
obligation set out by article 20, item 20.2 of the Law which includes:
a)
Agency’s financial statements;
b)
Separately from Agency’s accounts, financial statements of accounts and assets which are held in trust by the
Agency;
c)
List of enterprises under Agency’s direct administration in compliance to article 6.1;
d)
List of transactions accomplished in compliance to article 8 during the year being reported and transactions
suspended;
e)
List of enterprises liquidated in compliance to article 9; and
f)
List of enterprises to which reorganization procedure is initiated.
Year 2010 is considered to have been a successful year for PAK by accomplishing and exceeding business plan with impact
of global financial crisis and challenges related to the Special Chamber of Supreme Court of Kosovo.
A summary of privatisation program shows that total income from paid spin offs and deposited into the bank reach the
amount of € 501,000.042 million whereas total of income accomplished from the sale of assets through liquidation and
deposited into the bank reach € 28,580.413 million.
PAK Bord of Directors continues to meet on regularly in order to carry out its functions and responsibilities foreseen by the
applicable law. I would like to express my gratitude for what i consider to be quite productive and successful and that is the
contribution of all the members of Agency’s Bord of Directors.
I would also like to thank Agency’s sole donor, European Commission Liaison Office in Kosovo for their constant support.
I wish to express my sincere gratitude to the management and Agency’s personnel for their enormous efforts and dedication
for the welfare of Agency’s processes during these 12 months.
Finally, allow me to assure you that the Agency shall remain at your disposal any time to provide necessary additional
clarifications.
Bord of Directors,
Dino Asanaj,
Chairman
Privatisation Agency of Kosovo
February, 2011
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ANNUAL REPORT 2010
TABLE OF CONTENTS
CHAIRMAN’S STATEMENT.......................................................................................................................................................................................... 3
SUMMARY OF RESULTS FOR 2010.......................................................................................................................................................................... 5
ACTIVITIES OF BORD OF DIRECTORS FOR 2010................................................................................................................................................. 6
AGENCY’S ACTIVITIES.................................................................................................................................................................................................. 7
ORGANIZATIONAL STRUCTURE............................................................................................................................................................................... 7
SPIN OFF SALE............................................................................................................................................................................................................... 7
LIQUIDATION ASSET SALE......................................................................................................................................................................................... 8
WORKERS LISTS............................................................................................................................................................................................................. 8
INTERIM DISTRIBUTION.............................................................................................................................................................................................. 9
INITIAL LIST...................................................................................................................................................................................................................10
COMMERCIALIZED ENTERPRISES..........................................................................................................................................................................14
SPECIAL SPIN OFFS....................................................................................................................................................................................................15
TREPÇa unit...............................................................................................................................................................................................................17
LIST OF Enterprises UNDER DIRECT ADMINISTRATION................................................................................................................................21
SITUATION OF ENTERPRISES UNDER DIRECT ADMINISTRATION...............................................................................................................25
LIST of liquidated enterprises................................................................................................................................................................................34
ANNUAL REPORT 2010
5
SUMMARY OF RESULTS FOR 2010
The Agency has carried out its work based on the Business Plan for 2010 approved by the Bord of Directors, applying it
entirely and surpassing it. The following table shows summary of privatisation waves, number of NewCos created from
socially-owned enterprises, number of bids as well as total amount achieved for respective wave.
Privatisation Wave
Total of SOEs
No. of NewCos
No of Bids
NewCos sold
Total bid price
€’000
42
13
16
49
9
4.652
43
8
16
34
7
6.333
44
11
11
29
4
2.099
45
15
17
69
13
13.335
45A
11
13
44
11
22.677
46
13
15
62
12
6.437
SharrCem
N/A
N/A
N/A
N/A
30.1
47
12
18
34
13
4.561
Total 2010
83
106
321
69
90.194
Whereas, with regard to liquidation sale, results have been achieved in accordance to the business plan and the summary
is the following:
Asset Liquidation
Sale
Sale 1
Sale 2
Sale 3
Sale 4
Sale 5
Total
No of Units
No of Bids
Units sold
Total bid price
€’000
15
28
18
20
28
109
41
215
42
47
120
465
8
22
9
15
20
74
1.185
7.237
0.821
2.339
3.538
15.12
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ANNUAL REPORT 2010
ACTIVITIES OF BOARD OF DIRECTORS FOR 2010
PAK Bord of Directors consists of eight Directors; five appointed by the Assembly of Republic of Kosovo and three
international members appointed by the International Civilian Representative in conformity to the provision of the Law
on PAK. Board meetings were also attended by the donor of the Agency as observers without voting rights. The Board
enjoys all the competences of the Agency, which may delegate its authority to the management besides the competences
reserved to the Board.
PAK Board Directors during 2010 was in this composition:
•
Dino Asanaj, Chairman and Director
•
Naser Osmani, Deputy – Chairman and Director •
Andrea Capussela, Director •
Bahri Shabani, Director •
Haxhi Arifi, Director •
Hubert Warsmann, Director •
Mohammed Omran, Director •
Slobodan Petrovic, Director
•
Freek Janmat, Observer
During 2010 Board of Directors conducted its regular monthlty meetings in which they performed their duties impartially
with a view to the purposes of the Agency and exercised their independent business judgment in carrying out functions
and responsibilities as stipulated under the present law.
ANNUAL REPORT 2010
7
AGENCY’S ACTIVITIES
ORGANIZATIONAL STRUC TURE
PAK Organizational Structure is divided into three operational parts: Asset Realization Division (AR); Corporate Governance
Division (CG) and Executive Branch under direct supervision of Agency’s management whilst Internal Audit Unit and Press
and Public Relations Unit reports directly to Agency’s management and in specific occasions to the Bord of Directors.
Asset Realisation Division includes two main departments: Sales Department and Liquidation Department.
Corporate Governance Division includes Trepça Unit, Control and Supervision Unit, Direct Administration Unit and
Monitoring Unit.
Executive Branch consists of Regional Offices managed by Regional Coordination Department, Budget and Finance
Department, Legal Department, Administration Department and Human Resources Department.
SPIN OFF SALE
Bid Day for Privatisation Wave 42 was held on March 10, 2010 consisting of thirteen (13) SOEs into sixteen (16) NewCos.
Total bid number for regular spin offs was 49 with total amount of 4,652,838.00€.
Bid Day for Privatisation Wave 43 was held on April 12, 2010 consisting of sixteen NewCos. Total number of bids received
for regular spin offs was 34 with total amount of 6,333,425.00€.
Bid Day for privatisation wave 44 was held on July 7, 2010 consisting of eleven (11) SOEs into eleven (11) NewCos. Total
number of bids received for regular spin offs was 29 with total amount of 2,099,161.00€.
Bid Day for privatisation wave 45 was held on September 8, 2010 consisting of fifteen (15) SOEs into seventeen (17) NewCos.
Total number of bids received was 69 with total amount of 13,335,756.00€.
Bid Day for privatisation wave 45 -A was held on October 27, 2010, consisting of eleven (11) SOEs into thirteen (13) NewCos.
Total number of bids received for regular spin offs was 44 with total amount of 22,677,289.00€.
Bid Day for privatisation wave 46 was held on November 3, 2010, consisting of thirteen (13) SOEs into fifteen (15) NewCos.
Total number of bids received for regular spin offs was 62 with total amount of 6,437,109.00€
Bid Day for privatisation wave 47 was held on December 15, 2010, consisting of twelve (12) SOEs into eighteen (18) NewCo.
Total number of bids received for regular spin offs was 34 with total amount of 4,561,565.00€
Sale of Sharrcem, Cement Factory in Hani i Elezit was approved in December, which is assessed to be the largest privatisation
sale in the history of Kosovo. Respecting the contract for lease, operation and management as well as recognition of the
leaseholder’s right to first refusal, the sale was done through direct negotiations for price together with other respective
terms and conditions. For successful and transparent transaction, the Board of Directors had appointed a committee
composed of board members, both international and local, an industry expert, as well as engagement of an external
transaction advisor. In conclusion, in addition to purchase price of 30.1 million €, the buyer, Titan Group committed to invest
another 35 million € during next five years as well as keeping all current employees for 3 years and 1 year for employees
in social scheme. It is also worth mentioning that during commercialization period, direct foreign investment in Sharrcem
until now has been € 22 million, an amount which was not been included in the transaction.
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ANNUAL REPORT 2010
LIQUIDATION ASSE T SALE
Bid Day for liquidation sale of assets 1 was held on April 7, 2010 consisting of fifteen (15) units. Total number of bids
received for liquidation sale of assets was 41 with total amount of 1,995,422.00€.
Bid Day for liquidation sale of assets – 2 was held on June 16, 2010, consisting of thirty units. Total number of bids received
for liquidation sale of assets was 217, with total amount of 8,288,298.00€
Bid Day for liquidation sale of assets – 3 was held on July 18, 2010, consisting of 18 units. Total number of bids received for
liquidation sale of assets was 42, with total amount of 1,725,116.00€
Bid Day for asset sale – 4 was held on October 13, 2010, consisting of 20 units. Total number of bids received for liquidation
sale of assets was 48 with total amount of 2,374, 653.00€.
Bid Day for asset sale – 5 was held on November 1, 2010, consisting of 28 units. Total number of bids received for liquidation
sale of assets was 120, with total amount of 3,538,361.00€
WORKERS LISTS
Pursuant to Article 10.2 of UNMIK Regulation 2003/13 representative panel of workers of Socially-Owned Enterprises
(SOE) in cooperation to Independent Trade Unions of Kosovo (ITUK) shall prepare the initial list on non-discriminatory
basis for workers eligible for reception of 20% revenue of SOE sale and submit it together with relevant documentation
of workers that are on the list of respective PAK Regional Office. Regional Office shall review the list and, if needed, make
necessary amends. Workers List Unit monitors the entire process offering to SOE management clarification related to legal
and procedural matters for the list to be drafted in complete compliance to applicable law and in order to secure a biased
approach for workers from available distribution funds. Such list, controlled and approved by the Head of RO shall then be
forwarded to Workers List Unit for further review and be published onto daily in Albanian and Serbian as well as PAK web
page.
Workers List Unit remains devoted to further the process of distribution of 20% to eligible workers. Therefore, as of
establishment of PAK Workers List Unit it has carried out extraordinary work in order to achieve Agency’s commitments to
expedite this very important process for economical development and improvement of economical welfare.
ANNUAL REPORT 2010
9
INTERIM DISTRIBUTION
PAK Bord of Directors has approved the resolution on Interim Distribution in a meeting held on January 28 and 29, 2010
whilst the interim distribution has begun on March 2010. As a result, a amount of € 12,718.756.83 was distributed although
on several occasions (where no claims were filed at SCSC) the percentage has reached 75% whereas on some occasions
it has been lower (such is the case with Ramiz Sadiku) whereby the distributed amount is 18, 20% from the total available
amount.
It is worth emphasizing that in connection to the interim distribution, if one person in the list is disputed or the entire list,
then that person or persons may not benefit in this phase until the case is not resolved with the Special Chamber. Until
now there have been some cases whereby one person was disputed and one case where entire list was disputed (such is
the case of SOE Pig Farm in Fushe Kosove) whereby none of the workers on the list benefited from the distribution of 20%.
Interim Distribution of 20% to workers March-December 2010
No
Name of SOE
Region
Amount distributed
%
No of beneficiaries
1
KHT Kosova, Prishtina
Prishtina
€ 1.326.558,83
49,63
692
2
Ramiz Sadiku, Prishtina
Prishtina
€ 835.282,29
18,20
536
3
NIN Ramiz Sadiku, Prizren
Prizren
€ 526.477,95
72,31
323
4
Factory for proc. mushrooms
and forest products, Prishtina
Prishtina
€ 22.650,00
75,00
25
5
Energomontimi, Prishtina
Prishtina
€ 117.692,31
69,23
48
6
16 Juni, Decan
Peja
€ 48.133,20
75,00
16
7
Agriculture Station, Gjakova
Peja
€ 61.457,14
42,85
4
8
Aromatik, Prizren
Prizren
€ 84.700,00
68,75
22
9
Kosovatrans, Kamenica
Gjilan
€ 7.865,16
35,39
42
10
Peja Brewery, Peja
Peja
€ 1.263.369,70
53,88
508
11
Trasing, Prishtina
Prishtina
€ 446.932,57
66,97
242
12
Anamorava, Viti
Gjilan
€ 33.532,31
27,85
13
13
Kosovahidroteknika, Prishtina
Prishtina
€ 62.331,08
60,81
60
14
Veterinary Station, Prizren
Prizren
€ 3.386,04
*
5
15
Kllokot Spa, Kllokot
Gjilan
€ 720.262,11
*
255
16
Veterinary Station, Ferizaj
Gjilan
€ 40.549,45
*
13
17
Plantation , Ferizaj
Ferizaj
€ 67.275,93
30,95
26
18
Utva, Peje
Peja
€ 352.890,20
64,54
179
19
Mustaf Goga, Ferizaj
Gjilan
€ 218.364,03
51,53
112
20
Hotel Theranda, Prizren
Prizren
€ 192.720,77
53,16
56
21
Agromorava, Viti
Gjilan
€ 212.421,38
62,75
123
22
Krikos, Prishtina
Prishtina
€ 51.352,94
52,94
14
23
AC Vitia, Viti
Gjilan
€ 32.550,00
75,00
21
24
Vetfarm Viti
Gjilan
€ 13.689,75
75,00
5
25
Bentakos, Gjilan
Gjilan
€ 43.055,56
69,44
25
26
AC Mirusha, Gjilan
Gjilan
€ 20.475,00
75,00
8
27
AC Orllani, Orllan
Prishtina
€ 19.620,00
60,00
8
28
AC Skivjani, Gjakovë
Peja
€ 5.303,57
58,92
11
29
Metalografika, Ferizaj
Gjilan
€ 12.869,90
48,75
13
10
ANNUAL REPORT 2010
No
Name of SOE
30
Prishtina, Prishtina
31
Worker’s University, Ferizaj
32
AC Banja, Istog
33
Amount distributed
%
No of beneficiaries
Prishtina
€ 88.106,29
73,42
93
Gjilan
€ 79.569,64
32,14
3
Peja
€ 53.499,90
75,00
11
AC Ferizaj, Ferizaj
Gjilan
€ 79.462,50
37,50
8
34
Teuta Vrella, Vrella
Peja
€ 28.650,75
75,00
279
35
AC Decani, Decani
Peja
€ 35.545,94
53,12
17
36
Unikosprojekt, Prishtina
Prishtina
€ 146.666,85
66,00
22
37
Filigran, Prizren
Prizren
€ 106.941,88
62,15
45
38
Inginiering, Prishtina
Prishtina
€ 282.376,54
63,97
29
39
Qarkullimi, Gjilan
Gjilan
€ 71.974,65
71,83
68
40
Kulla/Ratko Mitrovic, Prishtina
Prishtina
€ 35.479,05
75,00
21
41
Town Cinema, Gjilan
Gjilan
€ 41.175,00
75,00
3
42
Exporting Slaughterhouse,Prizren
Prizren
€ 149.304,35
73,91
68
43
Agro-product, Mitrovice
Mitrovicë
€ 17.698,66
31,73
22
44
Bashkimi, Xerxe
Prizren
€ 80.370,27
58,30
7
45
Produkti, Skenderaj
Mitrovicë
€ 157.907,70
75,00
132
46
Ferronikeli
Prishtina
€ 4.420.257,71
72,33
2008
TOTAL
Region
€ 12.718.756,83
6.241
Note: * Distribution for SOE “Veterinary Station” in Prizren, SOE “Banja e Kllokotit” in Kllokot and SOE “Veterinary Station” in
Ferizaj is not related to Interim Distribution – this is a distribution of sale of additional assets.
INITIAL LIST
Since drafting lists is the responsibility of SOE management and of Independent Trade Unions of Kosovo (ITUK) (Ref. Article
10.2 of UNMIK Regulation 2003/13), whereas any change of list amendment may be done by PAK Regional Office, it is
evident that workers list depend on the SOE Management and PAK Regional Office which means this unit may publish
those list previously drafted by the SOE Management, controlled, amended and approved by the PAK RO. There are cases
with conflicts or disapprovals within the SOE management on who should draft and sign the list. This was the case with SOE
“Drenica” in Gllogoc, SOE “Auto Moto Start” in Gjakova, SOE “Mulliri” in Fushe Kosove, SOE AC “Drita” in Svecel (RO Prishtina).
The list for SOE “Liria” in Prizren has been delivered too late to be controlled and processed for initial publishing.
In many occasions, according to information from the SOE management, lack of documentation for workers (documents
missing during the war) make the entire process even more complicated.
11
ANNUAL REPORT 2010
Publishing Initial Workers Lists October – December 2010*
No
Name of SOE
1
Primary Production-Ereniku
2
Flamme-ing, Prizren
3
Elan, Vushtrri
4
Letnica, Viti
5
Veterinary station Istog
6
AC Likovci
7
Erozion, Peja
8
Pashtriku, Prizren
9
AC Turiqevci, Turiqevc
10
Hotel Mineral, Kamenice
11
Region
Date of
publishing initial
list
Deadline for
claim submission
within PAK
No of
workers in
Initial List
Peja
9 Oct 2010
30 Oct 2010
297
Prizren
9 Oct 2010
30 Oct 2010
61
Mitrovica
9 Oct 2010
30 Oct 2010
22
Gjilan
9 Oct 2010
30 Oct 2010
41
Peja
9 Oct 2010
30 Oct 2010
6
Mitrovica
9 Oct 2010
30 Oct 2010
12
Peja
9 Oct 2010
30 Oct 2010
12
Prizren
9 Oct 2010
30 Oct 2010
16
Mitrovica
23 Oct 2010
15 Nov 2010
14
Gjilan
23 Oct 2010
15 Nov 2010
29
Dardania/Sloga prevoz, Peja
Peja
23 Oct 2010
15 Nov 2010
13
12
Lavra/Brazda, Klina
Peja
23 Oct 2010
15 Nov 2010
23
13
Magjistrala, Prishtina
Prishtina
13 Nov 2010
4 Dec 2010
229
14
Agricultural Wealth, Ferizaj
Gjilan
13 Nov 2010
4 Dec 2010
50
15
25 Maji, Rahovec
Prizren
13 Nov 2010
4 Dec 2010
99
16
AC Runiku, Runik
Mitrovice
13 Nov 2010
4 Dec 2010
13
17
Agrokultura, Gjilan
Gjilan
20 Nov 2010
11 Dec 2010
63
18
TE Klina, Klina
Peja
20 Nov 2010
11 Dec 2010
63
19
Folk’s Pharmacy Gjilan
Gjilan
20 Nov 2010
11 Dec 2010
18
20
Morava e Binqes, Gjilan
Gjilan
20 Nov 2010
11 Dec 2010
544
21
Factory of furniture and
construction-28 Nentori
Prishtina
27 Nov 2010
18 Dec 2010
57
22
AC Tankosiq, Tankosiq
Gjilan
27 Nov 2010
18 Dec 2010
10
23
Gadime Quarry, Gadime
Prishtina
27 Nov 2010
18 Dec 2010
68
24
MIM Goleshi, Golesh
Prishtina
4 Dec 2010
25 Dec 2010
544
25
Bec, Bec - Gjakovë
Peja
4 Dec 2010
25 Dec 2010
75
26
Shampinjoni, Klina
Peja
4 Dec 2010
25 Dec 2010
13
27
Tobacco, Prishtina
Prishtina
11 Dec 2010
31 Dec 2010
32
28
Kosov Vera, Krusha e Madhe
Prizren
11 Dec 2010
31 Dec 2010
79
29
Mirusha, Malisheve
Prizren
18 Dec 2010
8 Jan 2011
269
30
IMK Fabrika e Tubave Ferizaj
Gjilan
18 Dec 2010
15 Jan 2011
677
31
Agimi, Gjakove
Peja
18 Dec 2010
15 Jan 2011
220
32
Agimi-Peja
Peja
11 Dec 2010
31 Dec 2010
248
12
ANNUAL REPORT 2010
Whilst drafting and publishing Initial Lists depends on SOE Management and PAK RO, publishing Final List depends on the
work of WLRC and Board approval for each list prior to it being published.
According to the Business Plan for 2010, 64 final lists were planned whilst 66 were published (see list below). This was
achieved since WLRC has managed to review claims submitted by claimants for SOE listed below; PAK Board has approved
claim reports and publishing of final lists whereas Legal Department has managed to prepare all necessary data for
approved claimants and Data on Resolutions for rejected claimants.
Interim Distribution was accomplished for many of these cases and this is a process that shall continue during 2011.
Publishing final workers list March – December 2010
Date when
initial list was
published
Date when
final list was
published
Deadline
for claim
submission
within SCSC
No of
workers
in the
final list
No
Name of SOE
Region
1
Mirusha, Gjilan
Gjilan
5 Jul 2009
7 Aug 2010
30 Aug 2010
8
2
AC Vitia, Viti
Gjilan
5 Jul 2009
7 Aug 2010
30 Aug 2010
21
3
Vetfarm ,Viti
Gjilan
5 Jul 2009
7 Aug 2010
30 Aug 2010
5
4
Bentakos, Viti
Gjilan
25 Jul 2009
7 Aug 2010
30 Aug 2010
25
5
AC Skivjani, Skivjan
-Gjakove
Peja
9 May 2009
28 Aug 2010
20 Sep 2010
11
6
Prishtina, Prishtina
Prishtina
15 Sep 2007
28 Aug 2010
20 Sep 2010
93
7
AC Orllani,Orllan
Prishtina
9 May 2009
28 Aug 2010
20 Sep 2010
8
8
Workers University, Ferizaj
Gjilan
9 May 2009
28 Aug 2010
20 Sep 2010
3
9
Metalografika, Ferizaj
Gjilan
16 May 2009
28 Aug 2010
20 Sep 2010
11
10
AC Banja, Istog
Peja
4 Jul 2009
4 Sep 2010
27 Sep 2010
11
11
AC Deçan, Decan
Peja
22 Sep 2007
4 Sep 2010
27 Sep 2010
17
12
AC Ferizaj, Ferizaj
Gjilan
25 Jul 2009
4 Sep 2010
27 Sep 2010
8
13
Teuta - Vrella
Peja
4 Jul 2009
4 Sep 2010
27 Sep 2010
278
14
Filigran, Prizren
Prizren
16 May 2009
4 Sep 2010
27 Sep 2010
44
15
Unikos Projekt, Prishtina
Prishtina
8 Sep 2007
4 Sep 2010
27 Sep 2010
21
16
Qarkullimi/Promet, Gjilani
Gjilan
25 Jul 2009
11 Sep 2010
4 Oct 2010
68
17
Inginiering, Prishtina
Prishtina
6 Jun 2009
11 Sep 2010
4 Oct 2010
29
18
Exporting slaughterhouse
Prizren
15 Aug 2009
2 Oct 2010
23 Oct 2010
68
19
Bashkimi, Xerxe
Prizren
12 Sep 2009
2 Oct 2010
23 Oct 2010
7
20
Produkti, Skenderaj
Mitrovicë
29 Aug 2009
2 Oct 2010
23 Oct 2010
132
21
Kulla/Ratko Mitrovic
Prishtina
29 Aug 2009
2 Oct 2010
23 Oct 2010
21
22
Agroprodukti, Mitrovice
Mitrovicë
5 Sep 2009
2 Oct 2010
23 Oct 2010
22
23
Town Cinema, Gjilan
Gjilan
12 Sep 2009
2 Oct 2010
23 Oct 2010
3
24
Non-metals Kaolini,
Kamenice
Gjilan
4 Jul 2009
16 Oct 2010
8 Nov 2010
27
ANNUAL REPORT 2010
Date when
initial list was
published
Date when
final list was
published
Deadline
for claim
submission
within SCSC
13
No of
workers
in the
final list
No
Name of SOE
Region
25
AC Bujku - Rogana
Gjilan
4 Jul 2009
16 Oct 2010
8 Nov 2010
14
26
AC Talinovc, Ferizaj
Gjilan
25 Jul 2009
16 Oct 2010
8 Nov 2010
16
27
Vet. Station Skenderaj
Mitrovicë
1 Aug 2009
16 Oct 2010
8 Nov 2010
5
28
Plant protection station
Peja
25 Jul 2009
16 Oct 2010
8 Nov 2010
6
29
Printex, Prizren
Prizren
8 Sep 2007
30 Oct 2010
20 Nov 2010
1127
30
Pig Farm Miradi e Eperme
Prishtina
15 Sep 2007
30- Oct -2010
20 Nov 2010
12
31
Ferronikeli, Prishtina
Prishtina
6 Jun 2009
6 Nov 2010
27 Nov 2010
2012
32
Sek-Kos/Sirkos, Prishtina
Prishtina
22 Aug 2009
6 Nov 2010
27 Nov 2010
15
33
Banesa, Prizren
Prizren
15 Aug 2009
6 Nov 2010
27 Nov 2010
10
34
Armature Factory, Decan
Peja
29 Aug 2009
6 Nov 2010
27 Nov 2010
57
35
Seed Factory, Klina
Peja
18 Jul 2009
13 Nov 2010
4 Dec 2010
48
36
Fertrans Ferizaj
Gjilan
9 May 2009
4 Dec 2010
25 Dec 2010
15
37
AC Kosova Lipjan
Prishtina
18 Jul 2009
4 Dec 2010
25 Dec 2010
49
38
Standard, Istog
Peja
16 May 2009
4 Dec 2010
25 Dec 2010
115
39
XIQ Karaqeva, Kamenice
Gjilan
18 Jul 2009
4 Dec 2010
25 Dec 2010
465
40
ACI Agriculture, Gjilani
Gjilan
16 May 2009
11 Dec 2010
31 Dec 2010
266
41
Mulliri Gjakove
Peja
25 Jul 2009
11 Dec 2010
31 Dec 2010
87
42
AC Istog
Peja
18 Jul 2009
11 Dec 2010
31 Dec 2010
9
43
Pioniri, Kamenice
Gjilan
18 Jul 2009
11 Dec 2010
31 Dec 2010
179
44
Hidromont, Peje
Peja
01 Aug 2009
11 Dec 2010
31 Dec 2010
11
45
Agimi - Mishi Gjakovë
Gjakovë
25 Jul 2009
11 Dec 2010
31 Dec 2010
72
46
Prizrencoop, Prizren
Prizren
1 Aug 2009
18 Dec 2010
08 Jan 2011
16
47
Dardania, Prishtina
Prishtina
25 Jul 2009
18 Dec 2010
08 Jan 2011
177
48
Malishgan, Klina
Peja
18 Jul 2009
18 Dec 2010
08 Jan 2011
111
49
19 Novi, Gllogovc
Prishtina
8 Sep 2007
18 Dec 2010
08 Jan 2011
67
50
Dobrusha, Istog
Peja
1 Aug 2009
25 Dec 2010
15 Jan 2011
11
51
IMF Meat industry
F.Kosovë
Prishtina
25 Jul 2009
25 Dec 2010
15 Jan 2011
113
52
Poultry Farm Ereniku
Peja
19 Sep 2009
25 Dec 2010
15 Jan 2011
41
53
Kosovo Trade, Prishtina
Prishtina
25 Jul 2009
25 Dec 2010
15 Jan 2011
17
54
Bujku, Skenderaj
Mitrovicë
29 Aug 2009
30 Dec 2010
22 Jan 2011
25
55
BOAL Piston Pump
Factory
Peja
22 Aug 2009
30 Dec 2010
22 Jan 2011
114
14
ANNUAL REPORT 2010
Date when
final list was
published
Deadline
for claim
submission
within SCSC
No of
workers
in the
final list
No
Name of SOE
Region
Date when
initial list was
published
56
Modeli, Gjakovë
Gjakovë
12 Sep 2009
30 Dec 2010
22 Jan 2011
177
57
Transporti, Prizren
Prizren
29 Aug 2009
30 Dec 2010
22 Jan 2011
27
58
Grafikos, Ferizaj
Gjilan
5 Sep 2009
30 Dec 2010
22 Jan 2011
56
59
AC Drita, Raushiq
Peje
19 Sep 2009
30 Dec 2010
22 Jan 2011
7
60
Kosovo Elektro/
Eletrotehna
Prishtina
22 Aug 2009
30 Dec 2010
22 Jan 2011
18
61
Artizanati, Prizren
Prizren
15 Aug 2009
30 Dec 2010
22 Jan 2011
34
62
Cycavica
Mitrovicë
19 May 2007
15 Apr 2010
8 May 2010
189
63
Agromorava, Viti
Gjilan
18 Aug 2007
15 Apr 2010
8 May 2010
123
64
Krikos, Prishtina
Prishtina
5 May 2007
15 Apr 2010
8 May 2010
12
65
Luboteni, Ferizaj
Gjilan
28 Apr 2007
15 Apr 2010
8 May 2010
4
66
Agriculture F.Kosovë
Prishtina
9 May 2009
7 Apr 2010
1 May 2010
51
COMMERCIALIZED ENTERPRISES
The following Commercialized Enterprises have been under PAK monitoring during 2010:
NO.
NAME OF SOE
COMMERCIALIZER
LOCATION
1
Food Industry
Abi – Elif19
Prizren
2
Sharr Cement
Sharr Beteiligungs GmbH
Hani i Elezit
3
Zdrukthtaria
Egi Bau
Prizren
4
Remont Servis
Euro Food
Prizren
5
Fapol
CRK
Podujevë
6
Poultry Farm
ADI
Lipjan
7
Termovent
Dajti
Lipjan
8
Fan Besiana
CRK
Podujëvë
9
Betonjerka
2K Group
Mitrovicë
ANNUAL REPORT 2010
15
During 2010, PAK Bord of Directors has approved termination of commercialization contract due to breach of
commercialization terms pursuant to article IV, item C for the following enterprises:
• SOE “Betonjerka”
• SOE “Fan Besiana”
• SOE “Termovent”
• SOE “Poultry Farm”, (PAK Bord of Directors granted 6 months to the leaseholder of this enterprise to release the
premises of socially-owned enterprise, which expires on 15.01.2011).
On the other hand, during 2010, PAK Bord of Directors has approved privatization of the following commercialized
enterprises:
•
SOE “Remont Servis”
•
SOE “Zdrukthtaria”
•
SOE “Sharr Cement”
Commercialized Enterprises remaining under the competency of PAK Monitoring Unit are:
• SOE ”Food Industry”
• SOE “Fapol”
Intensive preparatory measures were undertaken during 2010 for the privatisation of “Food Industry” which is anticipated
to be accomplished during 2011.
SPECIAL SPIN OFFS
Since the beginning of privatisation in Kosovo until now have been privatized 25 enterprises through Special Spin Off. On
the other hand, 18 Special Spin Offs in 2010 have continued to be under PAK monitoring:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
M&Silosi - Xërxë
Ballkani - Suharekë
Hotel Iliria - Prishtina
7 Julu - Klinë
KosovaTex - Prishtina
Veraria – Rahovec
IDGJ Tobacco - Gjilan
FAN - Podujevë
Grand Hotel - Prishtinë
Modeli - Gjakovë
Mulliri - Fushë Kosovë
NBI Suhareka - Suharekë
IMK Fabrika e Gypave të Çeliktë - Ferizaj
XIM Strezovci - Kamenicë
MIM Goleshi - Magurë
Fabrika e Bukës - Ferizaj
Tullorja - Kamenicë
Minex - Ferizaj
During 2010 the Bord of Directors has granted a 90 day time frame to find a solution to salvage the current situation
respectively regarding the fulfilment of commitments for the following New Co-s
•
•
•
AIC Suhareka
Modeli
FAN
16
ANNUAL REPORT 2010
On the other hand, as a consequence of the low level of fulfilment of the Commitment Agreement by the buyers, PAK Bord
of Directors during 2010 has rendered a decision on imposing financial penalties for the four New Co-s: Hotel Grand, MIM
Golesh, XIM Strezovc and IDGJ Tobacco.
Until 31/12/2010, the total amount of financial penalties imposed on these four (4) New Co-s is as follows:
1.
2.
3.
4.
Hotel Grand
MIM Golesh
XIM Strezovc
IDGJ Tobacco
6,549,839 €
6,357,094 €
5,457,119 €
3,937,890 €
22,301,942 €
During 2010 the Board of PAK has approved the extension of the of the commitment period for capital investments and
employment for the following New Co-s:
• New Co Hotel Iliria
• New Co Steel Welded Pipes Factory
• New Co Kosovatex
Based on all the external Auditors reports, the Bord of Directors of PAK, during 2010 has approved the release from the
terms of the Commitment Agreement the following New Co-s in conformity with article 7.1.
No.
name of the new co
Location
Released on:
1
New Co Veraria
Rahovec
April 2010.
2
New Co 7 July
Klinë
January 2010
3
New Co Ballkan
Suharekë
Jun 2010
4
New Co Bread Factory
Ferizaj
October 2010.
5
New Co Tullara
Kamenicë
October 2010
6
New Co IMK steel pipe factory.
Ferizaj
December 2010
7
New Co Hotel Iliria – released only for capital
investments
Prishtinë
December 2010.
Note: in the December meeting the Bord of Directors has also approved the request of the buyer of the New Co “Hotel Iliria” for
suspending the commitment period for employment taking into consideration renovation works in the enterprise, and extend
this period for another two years starting from September 01st 2010 until September 01st 2012.
ANNUAL REPORT 2010
17
TREPÇa unit
“Trepça under PAK Administration” is the enterprise which administers many of the industrial and property assets and
liabilities of KXMK Trepça, located in Kosovo. It is a Conglomerate consisted of 26 units, of which 20 categorized as NonCore, since they are not directly related with ore production, while 6 of them are categorized as Core and are directly
involved in ore excavation, production and processing. It is the largest SOE administered by PAK. Its head residency is in
Mitrovica, the Company itself operates under two managements and managers - that of North and South administered as
unique by PAK. The operating business of Trepça is limited with mining operations in need of investment, combined with
many inactive assets, creditors’ and environmental liabilities.
Present situation of Trepça Enterprise:
Trepça under PAK Administration is still under the umbrella of the Moratorium Decision, issued by the Special Chamber
of the Supreme Court of Kosovo on March 9, 2006 based on UNMIK Regulation 2005/48. This moratorium does not allow
any sale, disposal, alienation, transfer, or rental of any land assets of the enterprise, and also forbids creation of pledges,
mortgages, or other security against the property of the enterprise. This measure is for sure an obstacle for attracting
investments.
The aim of the Moratorium decision was to protect Trepça from creditors’ claims, but it results that the prolongation of the
moratorium has caused high depreciation rate of inactive assets, high maintenance costs, high costs for securing these
same inactive assets, since investments that would’ve come with privatization of these enterprises are not allowed by
moratorium, while lack of investments to restart the work and replace the aging technology and increase the productivity
is more than obvious
On June 2010, the “Plan for Trepça Restructure, and preparation of Trepça for attracting foreign and domestic private
Investors” was drafted by a joint group of experts from Ministry of Energy and Mining, Min. of Finance, Min. of Justice,
Privatization Agency of Kosovo, Trepça Management, and Independent Committee for Mining and Minerals. This strategy
was approved by the Government of Kosovo on October 2010, including here terms and plans how to recover this SOE and
its main idea is to help Trepça to become sustainable and stabile enterprise, by absorbing investments from private sector
through Public Private Partnerships (PPP).
In 2006, 9400 workers (6,500 Albanians, and 3,900 Serbs) were registered as Trepça former employees, of which 3400
receive early retirement, and 2300 receive stipends. Every month, Trepça is obliged to pay 39,000.00 € for pensions and
10,500.00€ for stipends. Average age of Trepça employees is above 53 years old. In Dec. 2010, the number of employees of
Trepça was 2,250 (1314 South Trepça, and 936 North Trepça.)
Environmental liability is another issue worth mentioning. There is more than 60,000.000 t. of ore remains spread mainly
along Kosovo river banks, polluting the environment. Kosovo Ministry for Environment does not have sufficient budget for
dealing with these environmental liabilities, therefore all that Trepça and PAK can do is to try to absorb international funds
for environmental projects from foreign donors.
As a consequence of wild and uncontrolled usage of mining during 1990, but also bad management of after-war period,
the mining of Hajvalia, Badoc and Kishnica are submerged in water and are not in use. Liabilities inherited from the past,
accumulated in the period of UNMIK, as consequence of KFOR and UNMIK personnel tenure in Trepça enterprises which
have not paid utility obligations such as water and electricity supply.
On 28.09.2010 a “Settlement Agreement” was signed between Trepça and Electric Corporation of Kosovo (KEK) whereby
Trepça agrees upon paying to KEK the debt accumulated from 01.04.2006 to Sep.2010 in the amount of 4,160,231.83 €.
The obligation of KEK towards Trepça is deducted from this sum, therefore total debt is 4,032,549.10 €. Trepça agrees on
paying this debt in the following manner: Trepça has made the initial payment of 160,000 €, and Trepça shall pay monthly
instalments not less than 40,000 €, starting from 15.10.2010, until paying total debt.
Payment of monthly instalment by Trepça to KEK in the future shall have large influence in the cash flow of the enterprise.
The amount of 40,000 € instalment and the electricity amounts that will be consumed, which are expected to be about
50,000 € per month will result in a total outcome of about 90,000 € per month - only for the power bill.
18
ANNUAL REPORT 2010
Production
Comparative Production Analysis of Stantërg mining: Ore exploitation of Stantërg mining during 2010 has increased
compared to previous years 2008 and 2009. In 2008 this mine has produced 69,854 tons of ore while in 2009 ore production
has reached 89,225 tons of ore.
In 2010, ore production in Stantërg has continued positive increasing trends even despite the fact that during January 2010
this mine did not produce any ore due to utilization license. In 2010 ore production in Stantërg mining reached 92,164 tons
of ore, which compared to 2009 is 3.3 % higher, while compared to 2008 is 32 % higher.
In 2010, ore production in Stantërg has continued positive increasing trends even despite the fact that during January
2010 this mine did not produce any ore due to utilization license. In 2010 ore production in Stantërg mining reached
92,164 tons of ore, which compared to 2009 is 3.3 % higher, while compared to 2008 is 32 % higher.
Comparative Production Analysis of Artana mines: Ore exploitation of Artana mines during 2010 has increased compared
to 2008 and 2009. In 2008, production of this mine has reached 20,963.8 t. of ore, while in 2009 ore production was
30,529.8 t. of ore.
In 2010, ore production in Artana has continued positive increasing trends even despite the fact that during January 2010
this mine did not have any ore production due to utilization license. In 2010 ore production in Artana mining reached
36,598.7 tons of ore, which compared to 2009 is 20 % higher, while compared to 2008 is 74.5 % higher.
Sales - Trepça’s main incomes comes from the sale of Pb and Zn concentrate in international markets. This concentrate
is the final product of these two flotation facilities for ore enrichment after processing the ore from Trepça mines: 1. First
Tunnel flotation (processing the ore from Stantrg mine), 2. Kizhnica flotation (the ore from Artana mines).
Comparative analysis of Pb and Zn concentrate sales in both flotations. When comparing the sales through the years, from
2006 - as restarting year, until 2010, we can see that sales have an increasing trend, too. For detailed illustration see tables
bellow:
Sales of Pb concentrate extracted from First tunnel flotation in years ‘06, ‘07, ‘08, ‘09, ‘10
First Tunnel flotation
Moist Weight (ton)
Dry Weight (ton)
Paid amount – in $
Paid amount – in €
Year 2008
2,851.662
2,661.336
3,156,707.494
2,108,105.095
Year 2009
3,629.370
3,374.263
4,613,253.577
3,179,125.208
Year 2010
TOTAL
3,563.330
3,333.240
4,973,737.754
3,856,279.276
14,402.932
13,389.989
17,948,264.289
13,012,168.387
Sales of Zn concentrate extracted from First tunnel flotation in years 2006, ‘07, ‘08, ‘09, ‘10
First Tunnel flotation
MoistWeight (ton)
Dry Weigh (ton)
Paid Amount – in $
Paid Amount – in €
Year 2008
1,995.980
1,878.568
618,306.061
405,780.505
Year 2009
7,465.120
6,847.590
1,824,220.514
1,267,271.230
Year 2010
3,974.030
3,639.420
1,697,997.809
1,315,523.685
19,562.160
17,941.758
8,458,564.023
6,266,843.729
TOTAL
ANNUAL REPORT 2010
19
Sales of Pb concentrate extracted from Kizhnica flotation in years ‘06, ‘07, ‘08, ‘09, ‘10
Flotation in
Kizhnica
Moist Weight
(ton)
Dry Weigh (ton)
Year 2006
837.290
764.173
542,021.687
429,630.465
Year 2007
222.780
200.383
317,005.940
228,017.877
Year 2008
711.370
642.151
625,314.723
420,646.314
Year 2009
461.960
428.970
731,024.897
498,520.556
Year 2010
609.130
559.853
1,112,809.839
855,442.225
2,842.530
2,595.530
3,328,177.086
2,432,257.437
TOTAL
Sales of Zn concentrate extracted from Kizhnica flotation in years 2006, ‘07, ‘08, ‘09, ‘10
Flotation in
Kizhnica
Moist Weight (ton)
Dry Weigh (ton
Year 2006
398.700
346.561
196,564.097
156,484.177
Year 2007
591.885
521.329
261,331.972
191,219.557
Year 2008
391.800
353.323
120,263.887
77,577.492
Year 2009
1,839.210
1,657.490
377,322.050
260,279.038
Year 2010
1,507.570
1,351.420
573,167.057
441,035.544
4,729.165
4,230.123
1,528,649.063
1,126,595.808
TOTAL
Level of self-financing for Trepça Mines and Trepça Enterprises in Mitrovica
Based on financial data for 2009, the level of self-financing for Trepça Mines and Trepça Enterprises in Mitrovica is as follows:
•
•
•
Stantërg Mine with First Tunnel Flotation - self-financing: 68, 72%.
Artana Mine with Kishnica Flotation - self-financing: 34, 14%.
SOEs of Trepça in Mitrovica compounded of: Mitrovica Industrial Park – MIP, Battery Factory, 2. Chemical
Industry, 3, Zinc Metallurgy) and Process Equipment Factory.
All these enterprises together have had self-financing of 89, 35%.
This high self-financing is result of income from Customs Terminal (768,300.32 €), as a supportive unit of Trepça in its property.
Revenues from the sale of valuable scrap played an important role in the increase of this self-financing (595,489.88 €)
If we speak of self-financing in MIP, without revenue and expenses of Customs Terminal, this self-financing is 57.57%. If
we speak of self-financing in MIP without revenue and expenses of Customs Terminal and sale of valuable scrap from Zn
Metallurgy, this self-financing would be approximately 38 %.
Self-finance rate of these Trepça units has derived from financial statements of the same units. These statements do not
include subsidies received from Kosovo Consolidated Budget for 2009.
Unfortunately due to lack of data we can not present any financial figures on financial self sustainability and self-financing
of the northern part mines.
20
ANNUAL REPORT 2010
Foreign funded projects and Trainings
During months of October and November of 2010, a group consisting mainly of Trepça Engineers, have attended training
within the project „Environmental Burdens Remediation Assistance “. Training was well designed in two modules: First
module was held in MIP in Kosovo, and was focused more in theoretical teaching, while second module was study trip to
the Czech Republic and demonstration of the gained theoretical knowledge by visiting Czech environmental remediation
structures.
Czech Development Agency (CZDA) has funded the abovementioned project, as a result of cooperation between Czech
Embassy in Kosovo and PAK - Trepça Unit.
Kosovo has been chosen as one of the target countries for development activities funded by CZDA. Therefore Trepça & PAK
have applied by sending project proposal to the CZDA regarding remediation of an environmental issue in Kizhnica region,
derived from Kizhnica mine operation. CZDA response regarding this issue should be known by Feb. 2011.
Another project that was initiated in 2010 is the cooperation with Japanese International Cooperation Agency (JICA) in the
field of Occupational Safety. JICA response regarding this Project is to be known very soon – first quarter of 2011.
As a conclusion, Trepça Enterprise will be a consistent and stabile enterprise, from the moment of implementation of plan
to restructure Trepça, which is approved by the Government of Kosovo. This plan shall commence implementation soon,
based on the decision of the Government of Kosovo. The strategy to restructure the Enterprise Trepça has terms and plans
how to recover the company, to be able to absorb investments from private sector, through Public Private Partnerships.
Trepça Enterprise will be capable of becoming an economically viable enterprise only after:
•
Resolving all legal issues and creating sustainable legal grounds, to operate under market economy conditions;
•
Being released from moratorium and claimants for Trepça;
•
Enterprise will be allowed to operate with all of its assets;
•
Enterprise is unified and is administered by a single Management;
•
Enterprise is released from social categories (paid based on previous administrative direction through “early
retirements” and “stipends”), that present a heavy burden for Trepça.
1
2
No.
of
SOE
Cash: 89,663.58 €
Expenses: 2,818,099.20 €
Income from government grant:
0€
Income:2,582,206.40€
Based on financial data on 31
December 2010:
Date of Entry: 28/05/2010
SOE“JUGOTERM”
Cash: 6,843.22 €
Income: 28,439.39 €
8,674.05 €
Expenses: 19,301.08 €
Based on financial data of 31
December 2010:
SOE “EMIN DURAKU”
Name of the enterprise
and the mandate of Direct
Administration
- Frequent power shortages.
- Difficulty in securing raw materials;
- Difficulty in securing the market;
- Inheritance of enterprise debts especially
towards TAK;
- Difficulty in collecting enterprise debts;
- Former management’s reluctance to cooperate;
-Difficult in collecting rent
- most of the workers refuse to cooperate with
PAK
- Presence of dangerous chemical materials in
one department.
- Continues threats from the so called Workers
Assembly toward the management appointed
by PAK
- SOE “Emin Duraku” is a Joint Stock Company of
the employees (so called Workers Assembly).
Challenges of the Social Enterprise
- For the first time in this enterprise the audit was done
and revealed many irregularities of this enterprise in the
past.
- DA has greatly reduced expenses and cash payments are
stopped.
- During the year most of the enterprise’s debts and
regular liabilities were paid. The only debt remaining is the
one for TAK in the amount of 200.000 euro.
- SOE had problems in securing raw material because
there was no contract in the beginning of the year.
- The enterprise has 202 workers and monthly salaries are
paid regularly.
- The bank overdraft has been terminated;.
- Upon placing the enterprise under Direct Administration
a new managing Board has been appointed.
- In coordination with the PAK Regional Office in Peja
three enterprise’s assets were prepared for privatization
and all of them sold. A preliminary injunction of SCSC
was later received initiated by so-called Shareholder’s
Assembly with allegations that the enterprise is a Joint
Stock Company
- Rent collection has improved and this pays regularly
the management and periodically workers under social
welfare.
- Right of access to the Management-Administration
Building remains only through the enterprise’s
management of 5 persons and Union management of 3
persons.
- Situation in SOE Emin Duraku is kept under control by
the security company “Security Code” contracted by PAK.
Management & issues of Corporate Governance
LIST OF Enterprises UNDER DIRECT ADMINISTRATION
- Until SCSC verdict SOE will continue
to work in production and sale
of radiators in order to maintain
profit levels and secure salaries for
enterprise workers.
- If SCSC cancels the sale then the
enterprise shall be re-entered very
soon.
- Waiting for verdict of SCSC to notify
provisional buyers.
- Until SCSC verdict PAK is working
with leaseholders to collect lease
and secure payments to enterprise
workers.
If SCSC announces this enterprise as
a Joint Stock Company then the sale
shall not commence.
- Waiting for verdict of SCSC to notify
provisional buyers.
Future prospects
ANNUAL REPORT 2010
21
4
3
No.
of
SOE
Lease revenues: 1,300.00 €
Other revenues (government
grant): 6,538.00 €
Expenses: 7,962.74 €
Bank balance account: 140.85 €
December 2010:
SOE “UNIMONT”
Cash: 640,718.85 €
Income:2,733,375.12€
0€
Expenses: 2,092,656.27 €
December 2010:
DATe of Entry: 29/04/2010
soe “Amortizatorët
(shock absorbers)”
Administration
- Continuous tendency of the Municipality to build
communal buildings within enterprise’s property.
- Continuous attempts of private entrepreneur to
exploit the gravel from enterprise’s area.
- Furthermore, the enterprise has mortgaged
some of its assets for its credit in the amount of
1.1 million € to the Financial Institution ABU. All
the assets of the enterprise shall be subject to
mortgage except for the Administration building
and the immovable property which is its principal
asset.
With the death of former general manager some
information related to the agreements concluded
with suppliers and clients remain unknown.
- On June 2006, the general manager passed away.
Since then, the enterprise had a complete lack of
proper management.
- Enterprise dispute with Prishtina municipality
regarding enterprise space whereby “Tregu” is
operating.
- Hostile attitude of enterprise workers against
PAK;
- TAK dispute at SCSC ;
- Large amounts of enterprise liabilities;
- Difficulty in collecting rent from leaseholders;
- Regarding two other assets of this enterprise the security
company “Security Code” is engaged in order to preserve
the value of the enterprise.
- It is achieved to re-tender the sale of one asset of this
enterprise named “Administrative Building”.
- The Leaseholder has released the enterprise according to
the agreement with the PAK.
- Two responsible persons have been appointed by the
enterprise to report to DA.
- After the approval of PAK Board all the enterprise’s
liabilities towards workers until June 30, 2010 have been
cleared.
- In cooperation with PAK regional office in Prishtina,
DA has managed to prepare for sale two assets of this
enterprise that were sold to provisional buyer.
- Culminant result of Direct Administration was retroactive
collection of lease from August 2005 until June 2010 from
UNMIK in the amount of 2.537.309, 00 euro.
- Managed to pay a part of debt towards TAK in the amount
of 384.000 euro.
- DA appointed the new managing Board.
- DA had great problems in implementing Direct
Administration measures since there were objections by
the workers.
- Enterprise does not manufacture;
- Large number of employees 861;
- Attempts shall be made to update the
data in the Prizren Cadastral Office and
later to privatize any asset belonging to
this enterprise.
- To follow court procedures and to find
a solution regarding the mortgaged
assets and outstanding credit.
- Waiting until payment by provisional
buyers is done and signing the contract
in order to propose withdrawal of the
enterprise from Direct Administration
and return it to Administration to PAK
regional office Prishtina.
Future prospects
22
ANNUAL REPORT 2010
6.
5
No.
of
SOE
-The aging of the building and the need for
continuous repairs.
Expenses: 1,061,705.44 €
Cash: 394,258.25 € Investments:
109,411.83 €
Accounts receivable: 408,929.99
€.
- Another problem is the non determination of
the status of the enterprise.
- The biggest problem with the enterprise is
the claim filed by 15 claimants with the Special
Chamber of the Supreme Court, who claimed to
have suffered losses due to the fire of a part of
the Centre that occurred on 2000
Revenues:1,678,313.67€
December 2010:
Date of entry: 24/05/2006
SOE “YOUTH AND SPORTS
CENTRE”
Revenues:36,000.00 €
Expenses: 30,097.34 €
Cash: 8,754.39 €
- In the last 20 years, the management has
failed to document the ownership status of the
enterprise.
- The documentation on property rights of the
enterprise is missing.
December 2010:
SOE “Artizanati”
The enterprise does not operate with its core
business and its revenues arise by leasing the
buildings in Prishtina.
Administration
- The decision to dismiss the preliminary injunction
for amend the status of the Centre issued by SCSC was
received.
-Employees salaries increased by 20%.
- Two sport halls have been renovated and renovation of
the basketball hall has begun.
- A great number of shows, programs, manifestations and
other activities have been held.
- Limitation of expenses
- Enterprise’s revenues derive mainly out of lease, cultural
activities, commercial activities (advertisements), parking
lot and fairs.
-The enterprise managed to clear all is obligations and
currently it is a prepaid customer of municipal utilities and
taxes.
- Last year’s positive trend of business has continued this
year as well.
- In 2010, the enterprise did not show any significant
activity.
- Lease revenues are used to pay the salary of 14 employees
of the enterprise.
- The contract has been renewed several times and the
current contract expired on 31st of December 2010,
however, attempts shall be made in order to extend the
contract until 30th of June 2011.
- On 31st of June 2006, the building was leased to the
Ministry of Internal affairs for a period of two years with a
possibility of extension for another year in the amount of
3,000.00 € per month, plus VAT.
- Prior to the closure with the Special
Chamber of the Supreme Court of
Kosovo, PAK can not take any steps to
amend the status of the Youth Centre.
- Work on determining the status of the
enterprise.
- To continue with enterprise’s
investment plan, mainly on renovation.
- The cooperation with the Special
Chamber of the Supreme Court of
Kosovo in the legal protection of the
Youth and Sports Centre against the
Claims filed by 15 claimants who
claimed to have suffered losses due to
the fire in the Centre.
- To control and monitor the bank
account.
- Attempts shall be made to privatize
the enterprise during 2011.
- Identification and clarification
of ownership rights as well as
preparations for privatization
process.
Future prospects
ANNUAL REPORT 2010
23
7
No.
of
SOE
Cash: 8,324.65 €
Revenues: 90,318.96€
Expenses: 72,202.46 €
December 2010:
SOE “DFP- Drejtoria
LAvërtaria dhe blegtori”
Administration
- Missing of cadastral documents in Prizren.
- Missing of the exact register of enterprises
assets.
- Outstanding taxes unpaid for a long time.
As of the end of the conflict in 1999, the
enterprise faced a great number of claims
and court decisions in connection with the
confiscated/occupied land.
- Most of enterprise’s outstanding debts to suppliers
have been paid and it is also achieved to reduce the
outstanding debt to the employees’ unpaid salaries.
- The enterprise covers an approximate surface
of 2,000 ha which is not registered in the name
of the enterprise but it is registered in the
name of the former Combine AIC “Progres”. The
enterprise claims to be the legal successor of this
combine. Cadastral issues are connected to the
background of the Combine and the way the land
was acquired by confiscating and occupying the
private agricultural land in the region.
- Investments in wheat cultivation shall continue for
2010/2011. Agricultural land with a surface of 100 ha is
cultivated.
-”Animal farm” in Arbana of Prizren is handed over to the
Buyer.
- An increase on lease collection has been achieved while
reducing of the expenses at the same time.
- An asset of the enterprise “Administrative Building”
(Hotel Tirana) in Prizren was privatized during this year;
however, the provisional buyer withdrew for reasons
unknown to PAK.
- A great number of court procedures are held and are
being held in order to clear the assets of the enterprise.
- In the second half of 2011 liquidation
of the enterprise shall be proposed.
4) Building “Directorate Building”.
3) Baruthana.
2) Restaurant “Pojata”
1) Hotel “Tirana” (re-tender)
- During 2010, the following assets of
the enterprise shall be prepared for
privatization;
- To clear contentious cases
- The strict control of the financial
situation and cadastral transfers.
Future prospects
24
ANNUAL REPORT 2010
2
1
No. of
SOE
-Difficulty in collecting rent;
-Refusal to cooperate with PAK by most
of workers;
-Many theft attempts for enterprise’s
equipment;
SOE “EMIN DURAKU”
December 2010
Income: 28,439.39 €
8,674.05 €
Expenses: 19,301.08 €
Cash: 89,663.58 €
Expenses: 2,818,099.20 €
Income from government grant: 0 €
Income:2,582,206.40€
December 2010
SOE “JUGOTERM”
Cash: 6,843.22 €
-SOE “Emin Duraku” is considered
to be a Joint Stock Company by the
employees (so called “Shareholder’s
Assembly);
- Frequent power shortages.
- Difficulty in securing raw materials;
- Difficulty in securing the market;
- Inheritance of enterprise debts
especially towards TAK;
- Difficulty in collecting enterprise
debts;
- Former management’s reluctance to
cooperate;
- Constant threats by the so-called
Shareholder’s Assembly to the
management selected by PAK
-Presence of dangerous chemical
materials in one department;
Challenges of the Socially Owned
Enterprise
Name of SOE & Direct
Administration mandate
- For the first time in this enterprise the audit was done and revealed
many irregularities of this enterprise in the past.
- DA has greatly reduced expenses and cash payments are stopped.
- During the year most of the enterprise’s debts and regular liabilities
were paid. The only debt remaining is the one for TAK in the amount
of 200.000 euro.
- SOE had problems in securing raw material because there was no
contract in the beginning of the year.
- The enterprise has 202 workers and monthly salaries are paid
regularly.
- The bank overdraft has been terminated.
- Upon placing the enterprise under Direct Administration a new
managing Board has been appointed.
- In coordination with the PAK Regional Office in Peja three
enterprise’s assets were prepared for privatization and all of them
sold. A preliminary injunction of SCSC was later received initiated
by so-called Shareholder’s Assembly with allegations that the
enterprise is a Joint Stock Company.
- Rent collection has improved and this pays regularly the
management and periodically workers under social welfare.
- Right of access to the Management-Administration Building
remains only through the enterprise’s management of 5 persons and
Union management of 3 persons.
- Situation in SOE Emin Duraku is kept under control by the security
company “Security Code” contracted by PAK.
Management & Corporate governance issues
SITUATION OF ENTERPRISES UNDER DIRECT ADMINISTRATION
01 January – 31 December 2010
- Until SCSC verdict SOE will
continue to work in production
and sale of radiators in order to
maintain profit levels and secure
salaries for enterprise workers.
- If SCSC cancels the sale then the
enterprise shall be re-tendered.
- Waiting for verdict of SCSC to
notify provisional buyers.
- Until SCSC verdict PAK is
working with leaseholders to
collect lease and secure payments
to enterprise workers.
If SCSC announces this enterprise
as a Joint Stock Company then
the sale shall not commence.
- Waiting for verdict of SCSC to
notify provisional buyers.
Future prospects
ANNUAL REPORT 2010
25
3
No. of
SOE
Cash: 640,718.85 €
Expenses: 2,092,656.27 €
Income from government grant: 0 €
Income:2,733,375.12€
December 2010:
DATe of Entry: 29/04/2010
- Enterprise dispute with Prishtina
municipality regarding enterprise
space whereby “Tregu” is operating.
- Hostile attitude of enterprise workers
against PAK;
- TAK dispute at SCSC ;
- Large amounts of enterprise liabilities;
- Difficulty in collecting rent from
leaseholders;
- After the approval of PAK Board all the enterprise’s liabilities
towards workers until June 30, 2010 have been cleared.
- In cooperation with PAK regional office in Prishtina, DA has
managed to prepare for sale two assets of this enterprise that were
sold to provisional buyer.
- Culminant result of Direct Administration was retroactive collection
of lease from August 2005 until June 2010 from UNMIK in the
amount of 2.537.309, 00 euro.
- Managed to pay a part of debt towards TAK in the amount of
384.000 euro.
- DA appointed the new managing Board.
- DA had great problems in implementing Direct Administration
measures since there were objections by the workers.
- Enterprise does not manufacture.
soe “ Amortizatorët (shock
absorbers)”
- Large number of employees 861;
Enterprise
- Waiting until payment by
provisional buyers is done
and signing the contract in
order to propose withdrawal
of the enterprise from Direct
Administration and return it
to the Administration of PAK
regional office in Prishtina.
Future prospects
26
ANNUAL REPORT 2010
4
No. of
SOE
Bank balance account: 140.85 €
Other revenues (government grant):
6,538.00 €
Lease revenues: 1,300.00 €
December 2010:
SOE “UNIMONT”
- Furthermore, the enterprise has
mortgaged some of its assets for its
credit in the amount of 1.1 million
€ to the Financial Institution ABU.
All the assets of the enterprise shall
be subject to mortgage except for
the Administration building and
the immovable property which
is its principal asset.Continuous
attempts of private entrepreneur to
exploit the gravel from enterprise’s
area. Continuous tendency of the
Municipality to build communal
buildings within the enterprise’s
property.
With the death of former general
manager some information related
to the agreements concluded with
suppliers and clients remain unknown.
- On June 2006, the general manager
passed away. Since then, the enterprise
had a complete lack of proper
management.
Enterprise
- Regarding two other assets of this enterprise the security company
“Security Code” is engaged in order to preserve the value of the
enterprise.
- It is achieved to re-tender the sale of one asset of this enterprise
named “Administrative Building”.
- Leaseholder released the enterprise in agreement with the PAK.
- Two responsible persons have been appointed by the enterprise to
report to DA.
- Attempts shall be made to
update the data in the Prizren
Cadastral Office and later to
privatize each asset belonging to
this enterprise.
- To follow court procedures
and to find a solution regarding
the mortgaged assets and
outstanding credit.
Future prospects
ANNUAL REPORT 2010
27
6.
5
No. of
SOE
SOE “Artizanati”
408,929.99 €
Accounts receivable:
Investments: 109,411.83 €
Revenues:
1,678,313.67€
Expenses: 1,061,705.44 €
December 2010:
SOE “YOUTH AND SPORTS
CENTRE”
Cash: 8,754.39 €
Revenues:36,000.00 €
Expenses: 30,097.34 €
December 2010:
-The aging of the building and the
need for continuous repairs.
-Another problem is the non
determination of the status of the
enterprise.
- The biggest problem with the
enterprise is the claim filed by 15
claimants with the Special Chamber
of the Supreme Court, who claimed
to have suffered losses due to fire in
one part of the Centre that occurred
on 2000.
- In the last 20 years, the management
has failed to document the ownership
status of the enterprise.
- The documentation on property
rights of the enterprise is missing.
The enterprise does not operate with
its core business and its revenues arise
by leasing the buildings in Prishtina.
Enterprise
- The decision to dismiss the preliminary injunction to amend the
status of the Centre issued by SCSC received.
-Employees salaries increased by 20%.
- Two sport halls have been renovated and renovation of the
basketball hall has begun.
- A great number of shows, programs, manifestations and other
activities have been held.
- Limitation of expenses
- Enterprise’s revenues derive mainly out of lease, cultural activities,
commercial activities (advertisements), parking lot and fairs.
-The enterprise managed to clear all is obligations and currently it is
a prepaid customer of municipal utilities and taxes.
- Last year’s positive trend of business has continued this year as
well.
- In 2010, the enterprise did not show any significant activity.
- Lease revenues are used to pay the salary of 14 employees of the
enterprise.
The contract has been renewed several times and the current
contract expired on 31st of December 2010, however, attempts shall
be made in order to extend the contract until 30th of June 2011.
- On 31st of June 2006, the building was leased to the Ministry
of Internal affairs for a period of two years with a possibility of
extension for another year in the amount of 3,000.00 € per month,
plus VAT.
- Prior to the closure with the
Special Chamber of the Supreme
Court of Kosovo, PAK can not take
any steps to amend the status of
the Youth Centre.
- To work on determining the
status of the enterprise.
- To continue with enterprise’s
investment plan, mainly on
renovation.
- To work with the Special
Chamber of the Supreme Court
of Kosovo in the legal protection
of the Youth and Sports Centre
against the Claim filed by 15
claimants who claimed to have
suffered losses due to the fire in
the Centre.
- To control and monitor the bank
account.
- Attempts shall be made to
privatize the enterprise during
2011.
- Identification and clarification
of ownership rights as well as
preparations for privatization
process.
Future prospects
28
ANNUAL REPORT 2010
7
No. of
SOE
Cash: 8,324.65 €
Expenses: 72,202.46 €
Revenues: 90,318.96€
December 2010:
SOE “DFP- Drejtoria
LAvërtaria dhe blegtori”
- Missing of cadastral documents in
Prizren.
- Missing of the exact register of
enterprises assets.
- Investments in wheat cultivation shall continue for 2010/2011.
Agricultural land with a surface of 100 ha is cultivated.
- Outstanding taxes unpaid for a long
time.
- An increase on lease collection has been achieved while reducing
of the expenses at the same time.
-”Animal farm” in Arbana of Prizren is handed over to the Buyer.
- An asset of the enterprise “Administrative Building” (Hotel Tirana)
in Prizren was privatized during this year, however, the provisional
buyer waived for reasons unknown to PAK.
- A great number of court procedures are held and are being held in
order to clear the assets of the enterprise.
- Most of enterprise’s outstanding debts to suppliers have been
paid and it is also achieved to reduce the outstanding debt to the
employees’ unpaid salaries.
As of the end of the conflict in 1999,
the enterprise faced a great number
of claims and court decisions in
connection with the confiscated/
occupied land.
- The enterprise covers an approximate
surface of 2,000 ha which is not
registered in the name of the
enterprise but it is registered in the
name of the former Combine AIC
“Progres”. The enterprise claims to be
the legal successor of this combine.
Cadastral issues are connected to
the background of the Combine and
the way the land was acquired by
confiscating and occupying the private
agricultural land in the region.
Enterprise
- In the second half of 2011
liquidation of the enterprise shall
be proposed.
4) Building “Directorate Building”.
3) Baruthana.
2) Restaurant “Pojata”
1) Hotel “Tirana” (re-tender)
- During 2010, the following
assets of the enterprise shall be
prepared for privatization;
- To clear contentious cases
- To exactly control the financial
situation and cadastral transfers.
Future prospects
ANNUAL REPORT 2010
29
9.
8.
No. of
SOE
Cash: 0.00 €
Expenses: 23,657.25 €
Other revenues (Government
grant): 23,657.25 €
Revenues: 0.00 €
December 2010:
DATE OF ENTRY: 14/07/2004
SOE “VINEYARD” LandovicA
Cash: 1,425.07 €
Other revenues (Government
grant): 8,860.00 €
Revenues: 960.00 €
December 2010:
date of entry: 8/02/2006
SOE “Nerezina”
- Problems of Kosovavera are legal matters.
- Due to the lack of financial sources, the
vineyards with an approximate surface of
1.000 ha were not maintained.
- Great number of claims filed by persons
requesting compensation for their land.
- The highway Vërmicë- Merdare covers large
parts of the land of this enterprise.
-Numerous illegal occupations by persons.
In order to protect the assets from being damaged/
malfunctioning and to provide a permanent protection of
the vine yards by any party subject to damage, PAK Direct
Administration has engaged 16 security guards as well
as the coordinator of the enterprise who shall prepare
the list of assets requested by PAK Direct Administration.
Seventeen employees of the enterprise are being paid by
Kosovo Consolidated Budget.
-17 employees of the enterprise are being paid by the
money donated by government that is 1,895.25 € per
month.
Currently, the vineyards are being secured by the security
guards of the enterprise in order not to be damaged and
stolen.
- DA has submitted an action request to PAK Legal
Department to review the issues related to the ownership
of the enterprise.
740.00 €.
- Despite the fact that the enterprise is being leased, the
building is being secured from the employees of the
enterprise with the total expenditure of
-There is a valid court decision concerning
the land status, where the building of the
enterprise is located in, which decision
acknowledges the ownership right to the
municipality of Suhareka.
Ballkan,
Municipality,
Zelengora;
- The contract shall be extended until 30th of June 2011.
a.
b.
c.
- The enterprise was given for lease to ArtaTex with a
monthly rent of 80.00 €. Leaseholder pays the monthly
salary to 20 employees of the enterprise (150.00€ each)
in total of 3.000.00 €. Lease contract ends on the 31st of
December 2010.
- Subsequent to being leased out, enterprise “Nerezina”
is one of the most modern and productive textile
companies in Kosovo. It owns modern machinery dating
from 1992.
-There are three entities claiming to be
enterprise’s owners:
Challenges of socially-owned enterprise
Tarazhda e Mamushës
Arbanasi i Epërm
Uji i bardhë
-This enterprise shall be proposed for
liquidation in the second half of 2011.
•
•
•
-Assets of the enterprise considered
to be legally cleared with cooperation
of PAK RO Prizren shall be proposed
for privatization in the following
manner:
-The main aim is to protect the assets
from being damaged and to provide
protection to vine yards from any
irresponsible party.
- Upon determination of the
ownership status the enterprise may
be released by Direct administration
since there are no other issues.
- To work with Legal Department
in order to determine the status of
ownership of the enterprise.
- To monitor the leaseholder who is
responsible to pay the lease and the
20 employees and to keep the debts
minimal until the privatization of the
enterprise.
Future prospects
30
ANNUAL REPORT 2010
Date of Sale
10.03.2010
12.04.2010
07.07.2010
08.09.2010
27.10.2010
Wave
Wave 42
Wave 43
Wave 44
Wave 45
Wave 45-A
13
17
11
16
16
No. of
NewCos
1
1
6
3
No.of New
Cos with
no bids
receive
44
69
29
34
49
No. of
Received
Bids
22,677,289.00
13,335,756.00
2,099,161.00
6,333,425.00
4,654,838.00
Total Price
of bids
[EUR]
1 New -deposit was
not paid from the
only bidder tender
cancel
1New Co withdrew
(intimidation
deposit refunded)
2 New Co withdrew
(deposit forfeited)
Withdrawals
Cancellations €
863,000
9,368,108
929,685
5,232,428
4,257,088
Total price €
12
3
2 New Co cancel by
BoD
4
6 New Co cancel by
BoD
2 New Co cancel by
BoD
6 New Cos payment
completed
8 New Cos payment
completed
4 New Co Tender
cancel by BoD
2 New Co cancel by
BoD
No. Completed sales
No of NewCos
cancelled by the
BoD, withdrawals
5 New Co – payment
ongoing
2 New Co pending
(Gjykat)
1 New Co - payment
ongoing
1 New Co pending
(Gjykat
1 New Co pending
(Gjykat
No. of Uncompleted
sales - remaining
ANNUAL REPORT 2010
31
15.12.2010
Wave 47
Total
03.11.2010
Wave 46
106
18
15
5
1
321
34
62
60,099,143.00
4,561,565.00
6,437,109.00
1-New Co withdrew
first bidder deposit
forfeited – second
ongoing
2,967,387
6 New Co cancel by
BoD
1 New Co cancel by
BoD
1 New Co – tender
cancel –the only
bidder was not
qualified( forma e
cmimit nuk eshte
plotesu)
9
4 New Co kane
perfundu pagesen
25% - ongoing pagesa
75%
2 New Co – 25%
ongoing
1 New Co pending
(Gjykat
ongoing
32
ANNUAL REPORT 2010
07.04.2010
16.06.2010
18.08.2010
13.10.2010
01.12.2010
1
2
3
4
5
Total
Date of Sale
Asset Sale
Privatisation of SOE-s
Liquidation Asset Sale
111
28
20
18
28
15
No. of
assets on
sale
8
4
4
2
3
No.of New
Cos with no
bids receive
468
120
48
42
217
41
No. of
Received
Bids
17,921,850.00
3,538,361.00
2,374,653.00
1,725,116.00
8,288,298.00
1,995,422.00
Total Price
of bids
[EUR]
12,710
997,504
821,868
1 New Co withdrew deposit
refunded intimidation
1New Co withdrew (deposit
forfeited)
1 New Co withdrew (deposit
forfeited)
7,237,153
1,185,512
Total price
[EUR]
forfeited)
forfeited)
Withdrawals Cancellations
[EUR]
LIST of transactions according to article 8
1 New Co cancel by BoD
1New Co withdrew
(intimidation deposit
refunded) BoD tender
cancel
No of sales cancelled
by the BoD
withdrawals
2
12
9
22
8
16 New Co –
payment ongoing
1 New Co pending
–KL decision
ongoing
No.
No. of Uncompleted
Completed
sales - remaining
sales
ANNUAL REPORT 2010
33
34
ANNUAL REPORT 2010
LIST of liquidated enterprises
Sales through Liquidation
During 2010 PAK has managed to close the SOE DEN/DES. The Liquidation procedure for this SOE has commenced with
the initiation of the liquidation procedure on March 16th 2006, when the liquidation committee was appointed by the
Managing Director of former Kosovo Trust Agency in accordance with the decision of the Bord of Directors of KTA on
February 8th 2006.
There were 93 claims related to this enterprise, in the total amount of € 306,741.00. The liquidation committee is awaiting
the execution of the payment order from PAK Department for Budget and Finance where the total amount to be distributed
to all creditors is € 21,852.9, which was approved by the Bord of Directors of PAK on September 24th 2010 (see the table)
Socially Owned
Enterprise
DEN/DES
Number of
Claims
Claim’s value €
93
€ 306,741.00
Total value to be distributed to
creditors approved by the BoD €
€ 21,859.9
Remaining value of the
SOE in €
€ 397,803
35
ANNUAL REPORT 2010
Table 1: STATUS OF ACCOUNTS
BASED ON CATEGORY
1
AMOUNT
AMOUNT
AMOUNT
Privatization Proceeds
49,331,572.99
229,202,513.80
AMOUNT
221.92
278,534,086.79
2
Liquidation Proceeds
9,577,271.92
204,903,198.33
214,480,470.25
3
SOE Trust Funds
509,373.08
5,181,775.07
31.82
5,691,148.15
4
SOE Commercialization Trust
Funds
122,288.95
3,397,737.12
3,520,026.07
5
Employees Trust Funds
(transferred from privatization and
liquidation proceeds)
1,164,310.72
8,498,524.91
2.60
9,662,835.63
6
Privatisation Bid Deposits
2,562,307.72
576,919.21
3,139,226.93
7
Privatisation Bid Submission Fee
310,782.57
1,581,613.28
1,892,395.85
8
Liquidation Bid Deposit
1,295,859.96
75,207.11
1,371,067.07
9
Liquidation Bid Submission Fees
75,447.53
120,398.13
195,845.66
10
Liquidation Review Committee
Deposits
8,518.88
-
8,518.88
11
PAK Initial Capital
25,303.81
1,070,373.82
1,095,677.63
12
PAK Reserves Funds
103,835.42
2,488,109.36
2,591,944.78
193.08
8,165.64
8,358.72
1,696.12
1,696.12
€ 457,104,535.78
€ 256.34
€ 522,193,298.53
13
14*
Donor Funds
Current Account Funds in Time
Deposit accounts
15
Total Trust Funds in Current
Account
65,088,762.75€
16
Total Time Deposits Transferred
from CBK to their account to
maturity
€ 457,104,535.78
17=15+16
TOTAL TRUST FUNDS (time
deposits and current accounts)
€ 522,193,298.53
Table 2: SUMMARY OF PRIVATISATION PROCEEDS IN TRUST
AMOUNT
A=∑(D:I)
Privatization Trust Funds (up to now proceeds) including the interest
€ 501,000,041.80
Privatization Trust Funds (proceeds up to now) NO INTEREST
€ 480,117,308.00
Ordinary Spin Off Proceeds (no interest)
Acquired interest from ordinary spin-off proceeds
Funds of NewCo shares from Ordinary Spin-Off and transferred to MEF
Special Spin-Off Proceeds (no interest)
Acquired interest from special spin-off proceeds
Money of NewCo shares from Special Spin-Off and transferred to MEF
B=A*80%
AMOUNT of proceeds (80% of proceeds) without funds belonging to employees
400,800,033.44
C=A*20%
Funds belonging to employees (20% of proceeds)
100,200,008.36
D
Paid to employees (transferred to BSPK) direct from privatization trust fund
E
Transferred to Trust Accounts for funds belonging to employees
F
Money of NewCo shares paid from bidders and transferred to MEF
G
Transferred to liquidation accounts (80% sale of special NewCo)
H
I
387,609,062.38
16,840,129.31
676,000.00
91,800,995.62
4,042,604.49
31,250.00
31,675,287.35
9,544,861.67
707,250.00
180,538,334.07
Privatisation trust funds transferred in time deposit accounts
229,202,735.72
Privatisation Trust Funds (CURRENTLY IN BANK)
€ 49,331,572.99
Privatisation Trust Funds (CURRENTLY in time deposit and current accounts)
€ 278,534,308.71
36
ANNUAL REPORT 2010
Table 3: SUMMARY OF PRIVATISATION PROCEEDS (wave reference point)
Privatisation proceeds (UP TO NOW)
AMOUNT
€ 501,000,041.80
Privatisation Trust Funds (CURRENTLY in time dep. and current accounts)
278,534,308.71
Privatisation Trust Funds (in current accounts)
49,331,572.99
Privatisation trust funds transferred in time deposit accounts
229,202,735.72
Transferred in liquidation Trust Accounts (80% of NewCo sale)
Paid to employees (transferred to BSPK) direct from Privatisation Funds
Transferred to Trust Accounts for funds belonging to employees
Funds of NewCo shares paid by bidders and transferred to MEF
180,538,334.07
31,675,287.35
9,544,861.67
707,250.00
Signed Contracts
451,907,603.71
Pending Contracts
48,366,655.03
Rejected Tenders
18,533.06
Funds of NewCo shares paid to bidders and transferred to MEF
TOTAL PRIVATISATION PROCEEDS SO FAR
Table 4: SUMMARY OF EMPLOYEES PAYMENTS (BSPK) 20% from all liquidation and
privatization proceeds
A+B
GRAND TOTAL paid to employees
707,250.00
501,000,041.80
AMOUNT
33,427,126.36 €
A=A1+A2+A3
Paid from Privatisation Proceeds
A1
Paid from Ordinary Spin-Off Proceeds
A2
Paid from Special Spin-Off Proceeds
A3
Paid by Trust Funds belonging to Employees (Privatisation Proceeds)
B=B1+B2+B3
Paid by liquidation Proceeds
B1
Paid by Liquidation proceeds (directly from liquidation accounts)
B2
Paid from Trust Funds Employees Entitlement (liquidation proceeds)
-
B3
Paid from Employees Entitlement (SOE Trust Funds proceeds)
-
Table 4a: GRAND TOTAL
Transferred to Trust Accounts for Employees Entitlement
Employees Entitlements transferred into Employees Trust Account from PRIVATIZATION proceeds
Employees Entitlements transferred into Employees Trust Account from LIQUIDATION Proceeds
Employees Entitlement transferred to Employees trust account from SOE Trust Funds Proceeds
31,942,161.26
21,731,269.36
9,944,017.99
266,873.91
1,484,965.10
1,484,965.10
€ 9,906,074.26
9,544,861.67
361,212.59
1,474.74
ANNUAL REPORT 2010
Funds of NewCo shares (1,250) paid by bidders and transferred to MEF
37
€ 707,250.00
Transferred deposits from Privatisation bid deposit account to Privatisation trust account
Transferred deposits privatisation bid deposit account to liquidation trust account
€ 17,367,500.00
€ 1,470,450.00
Number of Privatization Accounts
690
Number of Privatization Accounts from which we have transferred 80% of liquidation account
169
Number of Privatisation Accounts from which were not transferred 80% in liquidation accounts
521
ITEM
MIS DATA TABLE
AMOUNT
6
Privatization funds (proceeds up to now) including interest
6a
Privatization Funds (without employees 20%)
400,800,033.44
6b
Employees Funds (20%)
100,200,008.36
6c
Paid to BSPK from Privatization Proceeds
6d
Status of employees trust funds minus transfers to BSPK from these accounts
6d-6c
€ 501,000,041.80
31,942,161.26
Remained to be transferred to BSPK (from privatization proceeds)
6e
Transferred to liquidation accounts (80% of respective sale with privatization)
6f
Funds of NewCo shares paid by bidder and transferred to MEF
9,277,987.76
68,257,847.10
180,538,334.07
707,250.00
6h
Privatization Trust Funds transferred to Current Account
229,202,735.72
6g
Privatization Funds (bank status)
49,331,572.99
Privatization Trust Funds (CURRENTLY in Time Deposits and Current Accounts)
278,534,308.71
6g+6h
21
Total of proceeds from liquidation sales received at bank
22
Paid to BSPK from liquidation proceeds
28,580,412.98
1,484,965.10
38
ANNUAL REPORT 2010
Table 1a: Types of Accounts in CBK
Number of Active
Accounts
Number of
closed accounts
Opened
Privatisation Funds
690
62
752
Liquidation Funds
145
4
149
SOE Trust Funds
124
6
130
Commercialized SOE Trust Funds
16
1
17
Trust Funds of Employees Entitlement (transferred from liquidation and
privatisation accounts)
69
2
71
Privatisation Bid Deposit
1
-
1
1
-
1
1
-
1
Liquidation Bid Deposit Fee
1
-
1
Liquidation Review Committee deposit
1
-
1
PAK Initial Capital
1
-
1
PAK Reserves Fund
1
-
1
Donor Funds
1
-
1
Time Deposit Accounts
6
-
6
1,058
75
TOTAL number in CBK Accounts
INTEREST ACQUIRED FROM PAK ACCOUNTS IN CBK
1,133
AMOUNT
Privatisation Funds
20,903,976.47
Liquidation Funds
5,151,444.10
SOE Trust Funds
310,037.83
Commercialized SOE Trust Funds
238,588.08
Trust Funds of Employees Entitlement (transferred from privatisation and liquidation accounts)
Privatisation Bid Deposit
22,195.54
579,658.85
62,813.88
75,923.57
Liquidation Bid Submission Fee
2,653.57
Liquidation Review Committee Deposit
2.76
PAK Initial Capital
105,100.40
PAK Reserve Fund
93,613.16
Donor Funds
362.78
TOTAL ACQUIRED INTEREST (from July 2003 up to now)
Interest paid based on time deposit fee to time deposit accounts
Interest paid based on current account fee but in time deposit account
Total Interest paid in Time Deposit Account
€ 27,546,370.99
308,730.30
1,439.78
310,170.08
ANNUAL REPORT 2010
39
MAIN SUMMARY OF PROCEEDS/RECEIPTS AND EXPENSES/DELIVERIES IN LIQUIDATION
4%
A
Liquidation Trust Funds (currently in current accounts)
€ 9,577,271.92
96%
B
Liquidation Trust Funds (in time deposit accounts)
€ 204,903,198.33
100%
C=A+B
TOTAL Liquidation Trust Funds
€ 214,480,470.25
%
Table 1:
MAIN TOTAL Proceeds up to now in Liquidation Accounts
(All Liquidation Accounts)
€ 218,250,112.49
=i1 (liq.sale)
+i3(deposits)
Income / Receipts
Liquidation proceeds from ASSET SALE (includes deposits on
contractual sales)
28,580,412.98
i2
Income / Receipts
Acquired interest with liquidation accounts
i4
Income / Receipts
Value Added Tax (VAT) – imposed on sale price
i5
Income / Receipts
VAT reclaimed from Tax Administration of Kosova (TAK)
i6
Income / Receipts
80% Transfers from Privatisation special accounts to liquidation
accounts
i7
Income / Receipts
SOE Trust Funds held by PAK and transferred to liquidation accounts
i8
Income / Receipts
Funds Deposits from SOE cash to liquidation accounts
i9
Income / Receipts
Transfers from SOE bank accounts to liquidation accounts
i10
Income / Receipts
Receipts from SOE debtors
-
i11
Income / Receipts
Receipts from SOE actions in other companies
-
i12
Income / Receipts
Annual Lease Proceeds during liquidation process
i13
Income / Receipts
Other Operative Proceeds during liquidation process
Code
5,151,444.10
532,714.35
180,538,334.07
386,647.25
23,203.85
2,528,670.49
505,017.28
3,668.12
Table 2:
TOTAL expenses from Liquidation Trust Fund
Accounts (ALL Liquidation Accounts) based on TYPE
OF EXPENSES
e1
Expenses
Bank charges
e33
Expenses
Employees (BSPK) 20% Transfer from proceeds with
sales during liquidation.
1,484,965.10
e34
Expenses
20% Transfer in Employees Trust Account from sales
during liquidation
361,212.59
e15+e16
Expenses
Paid Rent
e8+e9
Expenses
Service Providers
810,429.57
e2:e7+e12:13+e17:18
Expenses
Goods, services, advertisements, notifications
371,040.09
e14
Expenses
Services of property and asset protection
117,886.74
sum(e19:e22)
Expenses
Monthly expenses (electricity, water, wastes,
telecommunications)
e10+sum(e23:e29)
Expenses
Tax payments (Income Tax, Tax on Property, VAT, etc)
e11
Expenses
Pension Contribution (Employer and Employee)
-
Expenses
Expenses on reorganisation took place during
liquidation
-
Code
e30
€ 3,769,642.24
4,306.50
32,710.67
39,251.03
540,125.54
40
ANNUAL REPORT 2010
e31
Expenses
Administrator Expenses as secured creditors
-
e32
Expenses
Compensations set out by the Special Chamber of
Supreme Court of Kosova
-
sum(e35:e56)
Expenses / Distributions
SOE Creditor Payments
e57
Creditors – owners, shareholders, founders, participants
or partners with the SOE
-
e58
Surplus of Transferred Funds to Kosovo Government
-
j=Σe(59:64)
Time Deposits
Currently in Time Deposit Accounts
7,714.41
€ 204,903,198.33
Table 3:
MAIN TOTAL EXPSENSES from Liquidation of the
Accounts of Funds in Trust ( all Liquidation Accounts)
based on the type of claims
a=Σe(1:6)
Expenses for sale or realization of property or assets
b=Σe(7:32)
Expenses for Liquidation Committees and any supporting
Advisor
c=Σe(33:34)
d=e35
e=e36
Creditors of specific assets including immovable property
-
f=Σe(37:39)
Request for gross salaries for three months and indemnity
payments unpaid at the beginning of Liquidation
6,799.40
g=Σe(40:56)
Unsecured Creditors
h=e57
Creditors: Owners, Shareholders, Founders, Participants or
Partners in SOE
-
i=e58
Surplus transferred to Kosovo’s Government
-
j=Σe(59:64)
Time Deposits
Currently into the Accounts of Time Deposits
Code
Means belonging to the employees (20%) from liquidation
sales
Secured creditors for those cases that were realized from the
security of those assets
€ 3,769,642.24
340,341.47
1,575,408.67
1,846,177.69
-
915.01
204,903,198.33
41
ANNUAL REPORT 2010
DETAILED ANALYSES OF THE INCOME/RECEIPTS AND EXPENSES/DISTRIBUTIONS IN LIQUIDATION
4%
A
Liquidation funds in trust (currently in current
accounts)
€ 9,577,271.92
96%
B
Liquidation funds in trust (in accounts of time
deposits)
€ 204,903,198.33
100%
C=A+B
TOTOAL Liquidation money in trust
€ 214,480,470.25
%
Table 4:
TOTAL INCOME up to now in Liquidation Accounts (all
liquidation accounts)
i1
Income
(Receipts)
Liquidation Income from Asset Sale
i2
Income
(Receipts)
Gained interest in liquidation accounts
5,151,444.10
i3
Income
(Receipts)
Transferred deposits from the account of liquidation deposits as
part of liquidation sale
1,470,450.00
Code
i4
i5
Income
(Receipts)
Income
(Receipts)
Value Added Tax (VAT) – charged on the sale price
VAT returned from Tax Administration of Kosovo (TAK)
€ 218,250,112.49
27,109,962.98
532,714.35
-
i6
Income
(Receipts)
Transfers of 80%-it from the separate accounts of privatization
into liquidation accounts
i7
Income
(Receipts)
SOEs funds in trust kept from PAK and transferred into liquidation
accounts
i8
Income
(Receipts)
Deposits of the money from the safes of SOEs in liquidation
accounts
i9
Income
(Receipts)
Transfers from bank accounts of SOEs in liquidation accounts
i10
Income
(Receipts)
Receipts from SOE debtors’
-
i11
Income
(Receipts)
Receipts from the SOE shares in other companies
-
i12
Income
(Receipts)
Annual rent income during the liquidation process
i13
Income
(Receipts)
Other operational income during the liquidation process
180,538,334.07
386,647.25
23,203.85
2,528,670.49
505,017.28
3,668.12
Code
Table 5:
MAIN TOTAL EXPSENSES from Liquidation Accounts of
Funds in Trust ( all Liquidation Accounts) based on the
category of expenses
e1
Expenses
Bank fees
e2
Expenses
Advertisement expenses (sale adverts, liquidation appointment,
creditors etc)
e3
Expenses
Cost of liquidation asset sale
e4
Expenses
Administrative expenses, postal fee
-
e5
Expenses
Maintenance, transportation of SOE data
-
e6
Expenses
Other small liquidation expenses (petty cash)
e7
Expenses
Court expenses
e8
Expenses
Service Providers (gross payment)
€ 3,769,642.24
4,306.50
262,741.89
300.00
72,993.08
857.58
798,999.57
42
ANNUAL REPORT 2010
e9
Expenses
Service Providers (net payment)
11,430.00
e10
Expenses
Taxes on Personal Income
e11
Expenses
Pension Contribution (Employee and Employer)
e12
Expenses
Fees for professionals (lawyers, financial experts, evaluation of
creditors, other experts)
e13
Expenses
Services for asset maintenance
e14
Expenses
Services for protection of property and assets
e15
Expenses
Rent payment (gross)
e16
Expenses
Rent payment (net from the taxes on rent)
e17
Expenses
Goods
e18
Expenses
Services
e19
Expenses
Water
e20
Expenses
Electricity
e21
Expenses
Waste
e22
Expenses
Telecommunication (Internet, phone)
6,222.15
e23
Expenses
Monthly wage withholding and remittance and paid based on
the paid rent
2,230.72
e24
Expenses
Taxes paid on the received rent
5,799.20
e25
Expenses
Municipal property tax
e26
Expenses
Tax on the received interest during the liquidation
-
e27
Expenses
Corporation tax
-
e28
Expenses
VAT paid on the liquidation expenses and trade
-
e29
Expenses
Value Added Tax (VAT) paid to the Tax Administration of Kosovo
(TAK)
e30
Expenses
Reorganization expenses which occurred during liquidation
-
e31
Expenses
Administrator’s expenses as a secured creditor
-
e32
Expenses
Compensations determined by the Special Chamber of the
Supreme Court
-
e33
Expenses
Transfer of 20% to the workers (BSPK) from the income of
liquidation sale
e34
Expenses
Transfer of 20% into the accounts in trust of workers from the
liquidation sales
e35
Expenses –
Distributions
Claims - Secured Creditors
-
e36
Expenses –
Distributions
Claims - Asset Property
-
e37
Expenses –
Distributions
Claims - Preferred Creditors - Salaries (only net payment)
-
e37a
Expenses –
Distributions
Claims – Preferred Creditors – Indemnity payments (only net
payments)
e38
Expenses –
Distributions
Claims – Tax Administration – Personal Income Tax (payments for
preferred creditors)
-
e39
Expenses –
Distributions
Claims – Kosovo Pension Trust Fund – pension contributions
(payments of preferred creditors)
-
e40
Expenses –
Distributions
Claims – Unsecured Creditors – Loans
-
e41
Expenses –
Distributions
Claims – Unsecured Creditors – received advances in cash from
SOEs
-
2,997.50
28,617.58
2,774.20
117,886.74
5,325.60
27,385.07
1,825.76
930.00
1,727.26
30,941.38
360.24
14,242.00
514,856.12
1,484,965.10
361,212.59
6,799.40
ANNUAL REPORT 2010
43
e42
Expenses –
Distributions
Claims – Unsecured Creditors - Salaries (only net payments)
-
e43
Expenses –
Distributions
Claims - Tax Administration – Personal Income Tax (Unsecured
Creditors payments)
-
e44
Expenses –
Distributions
Claims – Unsecured Creditors – Local Supplier
-
e45
Expenses –
Distributions
Claims – Unsecured Creditors – International Supplier
-
e46
Expenses –
Distributions
Claims – Unsecured Creditors – Tax on Municipal Property
-
e47
Expenses –
Distributions
Claims - Unsecured Creditors – Tax Administration – tax on rent
-
e48
Expenses –
Distributions
Claims – Unsecured Creditors – Tax Administration – Corporate
Tax
-
e49
Expenses –
Distributions
Claims – Unsecured Creditors – Tax Administration – Value
Added Tax
-
e50
Expenses –
Distributions
Claims – Unsecured Creditors – Tax Administration –
presumptive tax
-
e51
Expenses –
Distributions
Claims – Unsecured Creditors – Kosovo Pension Trust Fund
-
e52
Expenses –
Distributions
Claims – Unsecured Creditors – Electricity
e53
Expenses –
Distributions
Claims – Unsecured Creditors – water
-
e54
Expenses –
Distributions
Claims – Unsecured Creditors – waste
-
e55
Expenses –
Distributions
Claims – Unsecured Creditors – telecommunication and internet
-
e56
Expenses –
Distributions
Claims – Unsecured Creditors – other
e57
Expenses –
Distributions
Claims – Owners, Shareholders, Founders, participants or
partners in the SOE
-
e58
Expenses –
Distributions
Surplus transferred to the Kosovo Government
-
140.01
775.00
44
Code
ANNUAL REPORT 2010
Table 6:
TOTAL Currently in the Time Deposits Accounts
204,903,198.33
e59
Time Deposits
Time Deposits 12 months
e60
Time Deposits
-
e61
Time Deposits
41,092,624.02
e62
Time Deposits
-
e63
Time Deposits
Time Deposits 1 month
84,968,682.96
e64
Time Deposits
Time Deposits on various days
16,238,210.43
62,603,680.92
SUMMARY CASH FLOW STATEMENT AS PER TYPE OF ACCOUNTS
Cash Flow 1 July 2003
until 31 Dec 2010
SUMMARY CASH FLOW STATEMENT
OPENING
BALANCE
INFLOWS
OUTFLOWS
CLOSING BALANCE
Current Accounts
0.00
960,564,254.74
438,372,395.99
522,191,858.75
Time Deposit Accounts
0.00
1,337,389,407.11
1,794,493,942.89
(457,104,535.78)
Current interest paid on time
deposit accounts
0.00
0.00
1,439.78
(1,439.78)
Total
0.00
2,297,953,661.85
2,232,864,899.10
65,088,762.75
2,297,953,661.85
2,232,864,899.10
65,088,762.75
0.00
0.00
0.00
from Detailed Cash Flow
Error check
ANNUAL REPORT 2010
45
31-Dec-10
Cash Flow 1 July 2003 until Period above
1-Jul-03
Type of Accounts Category in
Central Bank of Kosova
1
2
3
4
5
6
7
8
9
10
11
12
13
14
CURRENT ACCOUNTS
1
2
3
4=2-3
OPENING
BALANCE
INFLOWS
OUTFLOWS
CLOSING
BALANCE
Privatisation
-
548,328,063
269,793,755
278,534,309
Liquidation
-
225,420,459
10,939,989
214,480,470
SOE Money in Trust
-
12,152,309
6,461,129
5,691,180
Commercialisation
-
4,681,393
1,161,367
3,520,026
Employees Entitlement
-
9,933,653
270,815
9,662,838
Privatisation Tender Submission
Fee
Liquidation Bid Deposits
-
138,635,688
135,496,461
3,139,227
-
2,772,696
880,300
1,892,396
-
14,522,656
13,151,589
1,371,067
Liquidation Registration Fee
Liquidation Review Committee
deposit
PAK Charter Capital
-
289,066
93,221
195,846
-
9,656
1,137
8,519
-
1,118,300
22,623
1,095,678
PAK Reserve Fund
-
2,691,951
100,006
2,591,945
Donor
-
8,365
6
8,359
Time Deposit
-
-
-
€ 0.00
€ 960,564,254.74
€ 438,372,395.99
€ 522,191,858.75
TOTAL
46
ANNUAL REPORT 2010
31-Dec-10
Cash Flow 1 July 2003 until Period above
TIME DEPOSIT ACCOUNTS
5
Type of Accounts Category
in Central Bank of Kosova
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Privatisation
Liquidation
6
INFLOWS
7=5-6
OUTFLOWS
CLOSING BALANCE
6,416,137
235,618,873
(229,202,736)
489,524
205,392,722
(204,903,198)
SOE Money in Trust
13,537
5,195,344
(5,181,807)
Commercialisation
-
3,397,737
(3,397,737)
Employees Entitlement
6
8,498,533
(8,498,528)
Privatisation Tender
Submission Fee
Liquidation Bid Deposits
-
576,919
(576,919)
-
1,581,613
(1,581,613)
-
75,207
(75,207)
-
120,398
(120,398)
Liquidation Registration Fee
Liquidation Review
Committee deposit
PAK Charter Capital
-
-
-
-
1,070,374
(1,070,374)
PAK Reserve Fund
-
2,488,109
(2,488,109)
Donor
-
8,166
(8,166)
1,330,470,204
1,330,468,507
(1,696)
€ 1,337,389,407.11
€ 1,794,492,503.11
-€ 457,106,488.24
Time Deposit
TOTAL
ANNUAL REPORT 2010
31-Dec-10
31-Dec-10
31-Dec-10
31-Dec-10
Current account
and TIME
DEPOSITS
12=9+10
CURRENT ACCOUNTS
8=1+2-3+5-6
Type of Accounts
Category in
Central Bank of
Kosova
9=1+4+7
CLOSING
BALANCE
CLOSING
BALANCE
47
10=-7-11
11=-7-10
CLOSING
BALANCE
Deposits to
return to
individual
acc.
CLOSING
BALANCE
1
Privatisation
49,331,573
49,331,573
229,202,514
222
278,534,087
2
Liquidation
9,577,272
9,577,272
204,903,198
0
214,480,470
3
SOE Money in Trust
509,373
509,373
5,181,775
32
5,691,148
4
Commercialisation
122,289
122,289
3,397,737
0
3,520,026
5
Employees
Entitlement
1,164,311
1,164,311
8,498,525
3
9,662,836
6
Privatisation Bid
Deposits
2,562,308
2,562,308
576,919
-
3,139,227
7
Privatisation
Tender Submission
Fee
310,783
310,783
1,581,613
-
1,892,396
8
Liquidation Bid
Deposits
1,295,860
1,295,860
75,207
-
1,371,067
9
Liquidation
Registration Fee
75,448
75,448
120,398
-
195,846
10
Liquidation Review
Committee deposit
8,519
8,519
-
-
8,519
11
PAK Charter Capital
25,304
25,304
1,070,374
-
1,095,678
12
PAK Reserve Fund
103,835
103,835
2,488,109
-
2,591,945
13
Donor
193
193
8,166
-
8,359
14
Time Deposit
1,696
1,696
(1,696)
1,696
€ 65,088,762.75
€ 65,088,762.75
€ 457,104,535.78
-€ 1,439.78
€ 522,193,298.53
TOTAL
48
ANNUAL REPORT 2010
CASH FLOW STATEMENT
For the period ended on 31st December 2010
Opening Balance
1 Jan 2010
Name
Petty Cash from Kosovo Budget
Receipts
Balance on 31 Dec
2010
Payments
-
13,004.12
13,004.12
€-
Bank Accounts (CBK)
451,041,297.19
160,605,601.09
89,453,599.75
€522,193,298.53
Bank Accounts (PCB)
122,839.70
71,888.00
87,922.00
€ 106,805.70
Bank Accounts (RZB)
0.02
-
0.02
€-
BANK ACCOUNTS
Receipts and interest
Expenditures/
distributions
Cash Flow
BANK ACCOUNTS
Expenditures/
distributions
Cash Flow
BANK ACCOUNTS
Expenditures/
distributions
Cash Flow
546,558,135.53
1 Jan - 31 Dec 2010
Balance on time
deposit accounts
- 385,952,534.44
457,104,535.78
€ 522,193,298.53
PROCREDIT BANK
Opening balance on
1 Jan 10
1 Jan - 31 Dec 2010
122,839.70
71,888.00
1 Jan - 31 Dec 2010
87,922.00
1 Jan - 31 Dec 2010
Balance on 31 Dec
2010
- 16,034.00
€ 106,805.70
RAIFFEISEN BANK
Opening balance on
1 Jan 10
1 Jan - 31 Dec 2010
0.02
-
1 Jan - 31 Dec 2010
0.02
1 Jan - 31 Dec 2010
Balance on 31 Dec
2010
- 0.02
€-
BANK ACCOUNTS
A
B
Expenditures/
distributions
Cash Flow
C
D=B-C
E=A+B-C
1 Jan - 31 Dec 2010
Balance on 31 Dec
2010
CENTRAL BANK OF KOSOVO (CBK)
Opening balance on
451,041,297.19
1 Jan 10
1 Jan - 31 Dec 2010
160,605,601.09
Cash Flow Statement in all three banks(CBK, PCB and RZB)
Opening balance on
451,164,136.91
1 Jan 10
1 Jan - 31 Dec 2010
160,677,489.09
1 Jan - 31 Dec 2010
89,541,521.77
1 Jan - 31 Dec 2010
Balance on 31 Dec
2010
71,135,967.32
522,300,104.23
89,541,522
-
€
611,841,626.00 €
522,300,104.23 €
-
€
€
€
-
-
-
-
-
third party
payments
89,541,521.77 €
11,007,147.56 €
2,190,125.16
3,153,771.26
-
-
611,841,626
PAK Trust Funds
€
€
€
€
3,141,851.32
2,439,201.88
82,197.94
5,663,251.14 €
11,007,147.56 €
€
THV
31-Dec-10
Amounts presented in payments present those amounts made from Kosovo Budget, grants and trust funds.
Status of unspent receivables
€
€
€
10
Payments/Other outcome
8
5
6
7
9
Transfers and Subsidies
Salaries and Wages
Goods and Services
Public Services
€
2,952,686.26
3
4
4a
Capital Expenses
Property, Buildings and Equip
Transfers
Operations
Total Payments
PAYMENTS
Total Receivables
8,054,461.30
€
KCB
Treasury Single Account
2
Notes
RECEIVABLES
Receivables from General Fund
Receivables from Dedicated Purposes Fund
Donor Grants
Other receivables
PAK Trust Funds
For year ended on December 31, 2010
Receivables and cash payment statement
FINANCE AND BUDGET DEPARTMENT
€
€
€
€
-
€
12,753,140.39 €
3,151,393.00
4,791,970.24
2,583,291.09
2,164,383.69
62,102.37
4,809,777.15 €
12,753,140.39 €
2,430,813.29
10,322,327.10
€
KCB
€
-
-
-
-
THV
€
€
€
€
€
451,164,136.91 €
76,876,532.48 €
76,876,532
-
€
-
-
-
-
-
third party
payments
528,040,669.39 €
528,040,669.39
PAK Trust Funds
€
31-Dec-09
€
€
€
€
-
€
3,770,686.47 €
1,961,824.95
984,058.00
446,963.47
372,888.20
4,951.85
824,803.52 €
3,770,686.47 €
425,430.44
3,345,256.03
€
KCB
€
-
-
-
-
THV
€
€
€
€
€
403,545,971.03 €
5,127,889.63 €
5,127,890
-
€
-
-
-
-
-
third party
payments
408,673,860.66 €
408,673,860.66
PAK Trust Funds
€
31 Dhjetor 2008
PRIVATISATION AGENCY OF KOSOVO
ANNUAL REPORT 2010
49
€
18
19
20
21
22
24
Cash outcome from treasury accounts
Salaries and wages
Goods and Services
Public services
Transfers and Subsidies
Capital expenses
Other
Total from FKK through LlVTh
13,191,554.40
3,979,304.40
3,578,922.00
141,480.00
3,182,870.00
2,308,978.00
3,779,532.40
3,779,532.40
€
€
12,431,301.40
3,977,308.40
2,989,862.00
85,480.00
3,162,870.00
2,215,781.00
3,779,532.40
3,779,532.40
B
€
A
€
Amounts presented in payments (column C) present amounts made from Kosovo budget and grants.
€
12
13
14
15
17
Note
Cash income in treasury account
Taxation
Own source
Grants and aid
Capital receivables
Other
Total receivables accumulated for FKK
Final Budget
3,141,851.32
2,439,201.88
82,197.94
3,153,771.26
2,190,125.16
3,779,532.40
€ 11,007,147.56
€
3,779,532.40
C
€
Current cash
31-Dec-10
Initital Budget
Comparison Statement of budgetary and current amounts
For year ended 31 December 2010
€
€
(837,453.08)
(1,139,720.12)
(59,282.06)
(29,098.74)
(118,852.84)
(2,184,406.84)
-
0.00
Difference
between initital
and current
D=C-A
€
€ 12,753,140.39
2,583,291.09
2,164,383.69
62,102.37
4,791,970.24
3,151,393.00
€ 3,604,923.24
3,604,923.24
€
Current money
31-Dec-09
€ 6,578,549.00
1,535,687.00
1,972,560.00
34,055.00
984,058.00
2,052,189.00
€ 1,499,949.00
1,499,949.00
€
Current money
31-Dec-08
50
ANNUAL REPORT 2010
ANNUAL REPORT 2010
51
Budgetary Report (Consolidated Kosovo Budget)
For year ended on 31 December 2010
Description
Semi-annual
Original Budget
Reviewed Budget
(Law 03/L-177)
(Law L-218)
a
Total Budget 2010
b
€
Final Budget
(31 December
2010)
Difference
in %
Difference
in %
Difference
in %
d
e=c/b
f=d/b
g=d/c
c
9,229,573.00
€ 8,651,769.00
98%
92%
94%
197,774.00
3,471,062.00
141,480.00
3,182,870.00
2,236,387.00
197,776.00
2,989,862.00
85,480.00
3,162,870.00
2,215,781.00
99%
97%
100%
100%
97%
99%
84%
60%
99%
96%
100%
86%
60%
99%
99%
Semi-annual
Original Budget
Reviewed Budget
(Law 03/L-177)
(Law L-218)
Final Budget
(31 December
2010)
Difference
in %
Difference
in %
c
3,779,532.40
d
€ 3,779,532.40
e=c/b
100%
f=d/b
100%
g=d/c
100%
3,779,532.40
3,779,532.40
100%
100%
100%
Final Budget
(31 December
2010)
Difference
in %
Difference
in %
Difference
in %
d
e=c/b
f=d/b
g=d/c
Salaries and wages
Goods and Services
Utility Expenses
Subsidies and Transfers
Capital Investments
9,412,022.00
€
199,772.00
3,578,922.00
141,480.00
3,182,870.00
2,308,978.00
Budgetary Report (donor grants)
Description
a
Total Budget 2010
€
Salaries and wages
Goods and Services
Utility Expenses
Capital Investments
b
3,779,532.40
€
3,779,532.40
-
-
Difference
in %
-
Budgetary Report (Consolidated Kosovo Budget including donor grants)
Description
Semi-annual
Original Budget
Reviewed Budget
(Law 03/L-177)
(Law L-218)
a
b
c
Total Budget 2010
€ 13,191,554.40
€
13,009,105.40
General Grant
Own source 2010
Own source transferred from
2009
Domestic grants
Foreign Grants
€
€
9,412,022.00
-
€
€
€
€
€
3,779,532.40
€
€
€
€ 12,431,301.40
99%
94%
96%
9,229,573.00
-
€
€
8,651,769.00
-
98%
92%
94%
3,779,532.40
€
€
€
3,779,532.40
100%
100%
100%
page: 3 of 8
52
ANNUAL REPORT 2010
Budget Execution Report (Consolidated Kosovo Budget including donor grants)
For year end 31 December 2010
Description
Original Budget
(Law 03/L-177)
No.
a
Reviewed Semiannual Budget
(Law L-218)
Final Budget
31Dec 2010
Payments
Progress
in %
Progress
in %
Total
1+2+3+4
b
€ 13,191,554.40
€ 13,009,105.40
c
€ 12,431,301.40
d
€ 11,007,147.56
e=d/b
89%
f=d/c
89%
Total
1+2+3+4
€
€
€
12,431,301.40
€ 11,007,147.56
89%
89%
Salaries and wages
3,979,304.40
3,977,306.40
3,977,308.40
3,141,851.32
79%
79%
Goods and Services
3,578,922.00
3,471,062.00
2,989,862.00
2,439,201.88
82%
82%
141,480.00
141,480.00
85,480.00
82,197.94
96%
96%
3,182,870.00
3,182,870.00
3,162,870.00
3,153,771.26
100%
100%
Capital Investments
2,308,978.00
2,236,387.00
2,215,781.00
2,190,125.16
99%
99%
Utilities expenses
13,191,554.40
13,009,105.40
8,054,461.30
86%
93%
Salaries and wages
199,772.00
197,774.00
197,776.00
189,165.06
95%
96%
Goods and Services
3,578,922.00
3,471,062.00
2,989,862.00
2,439,201.88
68%
82%
141,480.00
141,480.00
85,480.00
82,197.94
58%
96%
3,182,870.00
3,182,870.00
3,162,870.00
3,153,771.26
99%
100%
Capital Investments
2,308,978.00
2,236,387.00
2,215,781.00
2,190,125.16
95%
99%
2,952,686.26
78%
78%
2,952,686.26
-
78%
78%
Payments from General Grant
1
€
Utilities expenses
Own source payments 2010
Salaries and wages
Goods and Services
Utilities expenses
Capital Investments
own source payments transferred
from 2009
Salaries and wages
Goods and Services
Utilities expenses
Capital Investments
Total from donor grants
Salaries and wages
Goods and Services
Utilities expenses
Capital Investments
€
-
2
3
4
9,412,022.00
€
9,229,573.00
€
-
8,651,769.00
€
-
-
-
-
-
-
-
-
-
-
3,779,532.40
3,779,532.40
-
€
3,779,532.40
3,779,532.40
-
€
3,779,532.40
3,779,532.40
-
€
page: 4 of 8
Budget Line Name
716,079.00
716,079.00
833,993.00
5,019,601.00
Liquidation
Privatisation
Trepca
Budget Line Name
TOTAL
Corporate Governance
Liquidation
Privatisation
Trepca
Internal Audit
Legal
Central Administration
TOTAL
Capital Outlays (30000)
52
277
224
33
1,346
6
16
302
579
377
36
2,445
19
14
1,118
No. of payments
No. of commitments
738
€ 8,651,769.00
€ 8,651,769.00
85,480.00
3,162,870.00
2,215,781.00
85,480.00
3,162,870.00
2,215,781.00
Subsidies & Transfers (21000)
Public Services (13200)
197,776.00
2,989,862.00
197,776.00
2,989,862.00
B.
Allocations
A.
Budget
Appropriation
Goods & Services (13000)
Budget Line Name
€ 8,651,769.00
€ 8,651,769.00
Wages & Salaries (11000)
TOTAL
833,993.00
5,019,601.00
19,544.00
241,693.00
241,988.00
1,578,871.00
19,544.00
241,988.00
1,578,871.00
B.
Allocations
241,693.00
Corporate Governance
Legal
Internal Audit
Central Administration
A.
Budget
Appropriation
as of 31-Dec-10
302
579
371
36
2,438
19
14
1,117
Reconciled
Payments
€ 8,585,594.30
3,153,779.26
2,213,962.20
85,437.78
2,943,220.53
189,194.53
C.
Commitments
€ 8,585,594.30
829,592.74
5,019,590.12
692,315.99
232,248.56
14,560.45
237,969.00
1,559,317.44
C.
Commitments
€
€
Advance
Payments
-
-
-
8,054,461.30
3,153,771.26
2,190,125.16
82,197.94
2,439,201.88
189,165.06
D.
Expenditures
8,054,461.30
554,682.15
5,018,070.84
621,266.65
200,006.02
14,535.45
205,735.98
1,440,164.21
D.
Expenditures
597,307.70
-
-
-
7
6
1
66,174.70
€
€
531,133.00
8.00
23,837.04
3,239.84
504,018.65
TOTAL TRANSACTIONS in fiscal year
Weekend days
Public Holidays
Calendar Days in current year
Working Days in current year
Total commitments in current year
Total payments in current year
Commitments per working day
Payments per working day
29.47
H=C-D
Unspent
Commitments
531,133.00
274,910.59
1,519.28
71,049.34
32,242.54
25.00
32,233.02
119,153.23
H=C-D
Unspent
Commitments
TOTAL TRANSACTIONS per working day
66,174.70
9,090.74
1,818.80
42.22
46,641.47
8,581.47
G=B-C
Not Committed
Allocations
€
4,400.26
10.88
23,763.01
9,444.44
4,983.55
4,019.00
19,553.56
G=B-C
Not Committed
Allocations
597,307.70 €
9,098.74
25,655.84
9,098.74
25,655.84
€
3,282.06
3,282.06
597,307.70
8,610.94
550,660.12
F=B-D
Unspent
Allocations
597,307.70
8,610.94
Payments Pending
Reconciliation
€
€
279,310.85
1,530.16
94,812.35
41,686.98
5,008.55
36,252.02
138,706.79
F=B-D
Unspent
Allocations
550,660.12
E=A-D
Unspent Budget
€
279,310.85
1,530.16
94,812.35
41,686.98
5,008.55
36,252.02
138,706.79
E=A-D
Unspent Budget
MAIN OVERVIEW FROM KOSOVO BUDGET FUNDS
(104)
2,445.00
1,346.00
251
365
(10)
9.74
5.36
15.10
3,791.00
93.10%
99.97%
100.00%
99.24%
66.51%
86.76%
82.75%
74.37%
85.02%
91.21%
D/A
Percentage
Spent vs
Budgeted
99.47%
96.68%
96.09%
74.50%
98.34%
98.76%
C/A
Percentage
Committed vs
Budgeted
99.24%
100.00%
99.47%
96.68%
96.09%
74.50%
98.34%
98.76%
C/B
Percentage
Committed vs
Allocated
93.10%
99.97%
66.51%
86.76%
82.75%
74.37%
85.02%
91.21%
D/B
Percentage
Spent vs
Allocated
ANNUAL REPORT 2010
53
30000 Capital expenditure
21000 Subsidies and Transfers
13200 Utilities
€
€
-
€
-
13200 Utilities
3,082,870.00
-
13000 Goods & Services
-
11000 Wages & Salaries
833,993.00
-
22600 Privatisation
-
833,993.00
-
716,079.00
13200 Utilities
22700 Liquidation
20,000.00
-
-
696,079.00
-
241,693.00
-
80,000.00
€
€
161,693.00
13200 Utilities
23200 Corporate Governance
13200 Utilities
19,544.00
-
23000 Legal Department
-
€
19,544.00
13200 Utilities
241,988.00
-
23100 Audit
-
241,988.00
-
1,578,871.00
13200 Utilities
259,050.00
-
85,480.00
197,776.00
1,036,565.00
A.
Budget
Appropriations
Economic Code, Category and
Budget Line Name
22900 Central Administration
Programme
Code
AS OF 31-Dec-10
€
€
€
€
€
€
3,082,870.00
-
-
833,993.00
-
-
833,993.00
-
716,079.00
20,000.00
-
696,079.00
-
241,693.00
-
80,000.00
161,693.00
-
19,544.00
-
-
19,544.00
-
241,988.00
-
-
241,988.00
-
1,578,871.00
259,050.00
-
85,480.00
1,036,565.00
197,776.00
B.
Budget Allocations
3,082,870.00
-
-
829,592.74
-
-
829,592.74
-
692,315.99
20,000.00
-
672,315.99
-
232,248.56
-
70,909.26
161,339.30
-
14,560.45
-
-
14,560.45
-
237,969.00
-
-
237,969.00
-
1,559,317.44
257,242.08
-
85,437.78
1,027,443.05
189,194.53
C.
Commitments
€
€
€
€
€
€
3,082,870.00
-
-
554,682.15
-
-
554,682.15
-
621,266.65
-
-
621,266.65
-
200,006.02
-
70,901.26
129,104.76
-
14,535.45
-
-
14,535.45
-
205,735.98
-
-
205,735.98
-
1,440,164.21
254,924.32
-
82,197.94
913,876.89
189,165.06
D.
Expenditures
REPORT AS PER ECONOMIC CODES FOR KOSOVO BUDGET FUNDS
€
€
€
€
€
€
-
-
-
279,310.85
-
-
279,310.85
-
94,812.35
20,000.00
-
74,812.35
-
41,686.98
-
9,098.74
32,588.24
-
5,008.55
-
-
5,008.55
-
36,252.02
-
-
36,252.02
-
138,706.79
4,125.68
-
3,282.06
122,688.11
8,610.94
E=A-D
Unspent Budget
€
€
€
€
€
€
-
-
-
279,310.85
-
-
279,310.85
-
94,812.35
20,000.00
-
74,812.35
-
41,686.98
-
9,098.74
32,588.24
-
5,008.55
-
-
5,008.55
-
36,252.02
-
-
36,252.02
-
138,706.79
4,125.68
-
3,282.06
122,688.11
8,610.94
F=B-D
Unspent
Allocations
€
€
€
€
€
€
-
-
-
4,400.26
-
-
4,400.26
-
23,763.01
-
-
23,763.01
-
9,444.44
-
9,090.74
353.70
-
4,983.55
-
-
4,983.55
-
4,019.00
-
-
4,019.00
-
19,553.56
1,807.92
-
42.22
9,121.95
8,581.47
G=B-C
Not Committed
Allocations
-
-
-
274,910.59
-
-
274,910.59
-
71,049.34
20,000.00
-
51,049.34
-
32,242.54
-
8.00
32,234.54
-
25.00
-
-
25.00
-
32,233.02
-
-
32,233.02
-
119,153.23
page: 6 of 8
€
€
€
€
€
€
2,317.76
-
3,239.84
113,566.16
29.47
H=C-D
Unspent
Commitments
54
ANNUAL REPORT 2010
Goods & Services(13000)
Utilities (13200)
Subsidies and transfers (21000)
Capital expenditure (30000)
13000
13200
21000
30000
Total
Wages & Salaries (11000)
Code
11000
Economic Category
Economic Code, Category and
Budget Line Name
22800 Trepça
Programme
Code
5,019,601.00
1,936,731.00
1,936,731.00
5,019,601.00
€
8,651,769.00
2,215,781.00
2,215,781.00
8,651,769.00
85,480.00
3,162,870.00
85,480.00
3,162,870.00
197,776.00
2,989,862.00
197,776.00
B.
Budget Allocations
€
B.
Budget Allocations
2,989,862.00
A.
Budget
Appropriations
€
€
A.
Budget
Appropriations
€
8,585,594.30
2,213,962.20
3,153,779.26
85,437.78
2,943,220.53
189,194.53
C.
Commitments
5,019,590.12
1,936,720.12
C.
Commitments
€
€
8,054,461.30
2,190,125.16
3,153,771.26
82,197.94
2,439,201.88
189,165.06
D.
Expenditures
5,018,070.84
1,935,200.84
D.
Expenditures
REPORT AS PER ECONOMIC CODES FOR KOSOVO BUDGET FUNDS
1,530.16
1,530.16
€
597,307.70
25,655.84
9,098.74
3,282.06
550,660.12
8,610.94
E=A-D
Unspent Budget
€
E=A-D
Unspent Budget
€
€
597,307.70
25,655.84
9,098.74
3,282.06
550,660.12
8,610.94
F=B-D
Unspent
Allocations
1,530.16
1,530.16
F=B-D
Unspent
Allocations
10.88
10.88
66,174.70
1,818.80
9,090.74
42.22
46,641.47
8,581.47
G=B-C
Not Committed
Allocations
€
€
G=B-C
Not Committed
Allocations
1,519.28
1,519.28
531,133.00
23,837.04
8.00
3,239.84
504,018.65
29.47
H=C-D
Unspent
Commitments
€
€
H=C-D
Unspent
Commitments
ANNUAL REPORT 2010
55
Budget
Item No.
1
11000
Economic
Code
as of 31-Dec-10
239 Programme Code
A.
Budget
Appropriation
Fondi Burimor
11000
13000
21000
30000
Economic Category
Subtotal
Wages & Salaries
Goods & Services
Subsidies & Transfers
Capital Outlays
€
3,779,532.40
3,779,532.40
€
3,779,532.40
3,779,532.40
-
B.
Budget Allocation
Wages & Salaries
Economic Category
TOTAL
Gross salaries for PAK staff funded by European Commission
Budget Description
CENTRAL ADMINISTRATION BUDGET OVERVIEW - PER BUDGET LINE ITEM
Budget Code
Economic
Code
2,952,686.26
2,952,686.26
-
C.
Commitments
49
€ 3,779,532.40
3,779,532.40
A.
Budget Appropriation
€
CENTRAL ADMINISTRATION BUDGET OVERVIEW - PER ECONOMIC CATEGORY
Organization Code
€
€
2,952,686.26
C.
Paid
826,846.14
826,846.14
-
E=B-C
Uncommited
Allocations
€
€ 0.00
-
D=B-C
Unspent
Commitments
0.00
0.00
-
F=C-D
Unspent
Commitments
€ 0.00
-
E=A-B
Available to
commit
78.12%
-
F=B/A %
Commited
against the
budget
€ 2,952,686.26 € 2,952,686.26
2,952,686.26
B.
Committed
2,952,686.26
2,952,686.26
-
D.
Expenditures
REPORT FOR THE DONATION BY EUROPEAN COMMISSION LIASION OFFICE TO KOSOVO
56
ANNUAL REPORT 2010
No.8 Ilir Konushevci Street
10 000 Pristina, Kosovo
Tel: +381 (0) 38 500 400
Tel: +381 (0) 38 248 076
www.pak-ks.org

Privatisation Agency of Kosovo - Agjencia Kosovare e Privatizimit

Transcription

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